Investors have remained upbeat during the COVID-19 outbreak, but they seem to be reconsidering their future investment plans, according to a study by the Property Investment Professionals of Australia (PIPA).
The study showed that around three in five investors still think it is a good time to invest in residential property, with roughly 77% saying they are not concerned about any potential price declines. In fact, close to half of all investors have plans to purchase a property in the next six to 12 months.
"While there is no doubt that 2020 has been one of the toughest in living memory for everyone around the globe, property investors have remained resilient in the face of the unprecedented uncertainty that we are all experiencing," said Peter Koulizos, chairperson of PIPA.
The survey also showed that investors are starting to consider other strategies in investing, with 40% saying they intend to buy a property in a different state or territory. A third of investors say Queensland offers the best investment prospects over the next year.
Koulizos said lifestyle factors, affordability, and the work-from-home trend are the top considerations investors take as they make their future investment plans.
"It's no surprise that COVID-19 made many people reconsider their lifestyles, with nearly one-fifth of investors indicating they are contemplating a move," Koulizos said.
Investors are also thinking of moving their principal place of residence to regional markets in New South Wales, Queensland, and Victoria.
"The survey results also show that many of these areas will be welcoming plenty of new residents in the months ahead, which will likely further strengthen property markets in some regional locations,” Koulizos said.
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