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What will the impact of Coronavirus on the prices of property in Australia?

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ricky | 01 Apr 2020, 10:02 PM Agree 0
Stay healthy and stay safe.
Well, the impact of coronavirus will be much in the long run. The businesses will impact, the economy of the country worsens if the situation gets out of control. There must be plan B to get rid of this thing.
  • Real Deal | 11 Apr 2020, 10:02 PM Agree 0
    We are heading into a recession,economies dont just " Bounce Back" after a recession, it takes years of hard work and sacrafice. Areas that rely on tourism will be hardest hit ( Higher unemployment rates ) the value of properties will almost certainly drop by at least 30% at the minimum in these areas. Capital Cities will certainly see a reduction in property value of between 20 - 30%. People have buried their heads in the sand and are telling themselves. "She'll be right mate" We will survive but you only have to be monitoring the market to see what is happening already 11/4/2020. Cash poor Vendors looking to minimise the hit are selling investment properties at reduced prices approx 10- 15% reduction, ( that is stage 1) but once mortgage stress hits and families are forced to downsize, the market will be flooded. With the bulk of the bargain buying already done ( due to stage 1 reductions) When stage 2 hits a 30% reduction in value will be the norm. Due to the construction industry continuing to operate ( more houses ), no immigration, high unemployment and the bank tightening lending criteria at least 30% will be just that " At least"
    • Property88 | 13 Apr 2020, 05:07 PM Agree 1
      What are your predictions based on? Any facts, figures, historical data or insights to back it up?
    • ricky | 21 Apr 2020, 08:55 PM Agree 0
      You maybe right but there are always two sides of the coin. I agree with @Property88. Before presenting your facts and figures, you should present references or news articles instead. You might be true but what if there are chances of booming real estate. Recession will definitely hit sooner or later in Australia but that recession will hit across the world.
      Certainly, there are chances of booming the economy after this pandemic. I was reading some article that Australia will fight back at the end of the year.
  • keiraec | 14 Apr 2020, 12:11 AM Agree 1
    stay home stay safe!
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