Canberra is one of the few markets which could fare better than others amid the COVID-19 outbreak, according to experts.
Richard Sheppard, chief property investment advisor at inSynergy, said Canberra, along with Brisbane and Adelaide, is well-positioned to weather the risks of the outbreak on the housing market.
"The fundamentals are very strong for the medium- to long-term in certain Brisbane, Canberra and Adelaide sub-markets. We also believe the risk of COVID-19 pushing these markets backwards is quite low," he said.
Sheppard said Canberra also possesses robust yields, ranging from 4.5% to 6%, which makes it attractive to property investors.
Also read: Which Are Canberra’s Top Growth Areas?
A separate report from Herron Todd White said the Canberra residential property market has historically been stable, reporting consistent growth.
"We don't tend to see the spikes and falls like some other markets but general stability," said Angus Howell, local expert at Herron Todd White.
Howell said Canberra has strong market fundamentals that include low unemployment, above-average annual incomes, and a strong government and public sector employment base.
"We are still seeing transactions occurring at all levels and generally agents are reporting that most purchasers are finance ready and able to compete with confidence in the market. Sellers may be adjusting their expectations slightly, but this has had minimal impact so far," he said.
However, Howell said it remains hard to predict the full impact of COVID-19 on the local economy and on the property market.
"The outlook for the remainder of the year is difficult to predict. The landscape changes very quickly; however, the stable market conditions mentioned hold the Canberra residential property market in good stead," he said.
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