Property prices in Australia are expected to increase when uncertainties surrounding the COVID-19 outbreak start to dissipate, said Michael Yardney, director at Metropole Property Strategist.
In a whitepaper, Yardney said the housing market's current fundamentals will drive its growth in the long term.
"That means now is the time to get prepared to take advantage of the opportunities that the market will offer. After each global disruption, there has been an increase in property prices, and there is no reason to suggest this will be any different as the fundamentals are still strong," he said.
Yardney said the record-low interest rates and the active participation of first-home buyers could support the expected price growth.
Furthermore, the high immigration rates will likely drive demand, while the slowdown in construction will reduce the available housing supply.
"Now that I have invested through eight property cycles, I have found that it is exactly these conditions that present the best opportunity," Yardney said.
Other experts also shared their insights about the COVID-19 and its impacts on the housing market. Check out the whitepaper here.
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