COVID-19: Is This A Good Time To Buy?

Mark Taylor , Principal/Licensee in Charge | 6 May 2020

If you’re wondering if it’s a good time to buy or sell at the moment, you are not alone.

Given the uncertainty we are facing during this current crisis, it can be difficult to know whether this is a good time to buy or sell. As Taylors Strategic Partner, Amanda Gould - Director and Principal Buyer's Agent of Highspec Properties - shares in this article, it is one of the first things people ask when they see her.

Private Inspections & Online Auctions

As an industry we have learnt to adapt offering private property inspections and online auctions however from this weekend (9th May), we are allowed to have traditional open houses and auctions whilst practicing social distancing. 

We are also conducting facetime video walk throughs for all our inspections. This gives us the ability to answer our client’s questions about a property from the comfort and safety of their own home.

Taking Advantage Of The Market Downturn

The recent market increases of 10% + have now decreased in some locations back to pre-election prices in 2019. We are helping a number of clients that are in a great position to take advantage of the downturn as they are not in the 'cycle' they don’t have any property to sell so can move quickly.

We have also noticed the rise of vendors selling off-market properties, with an increase from an average of 25% to a whopping 45% across all price points and locations.

You Should Not Invest If...

  • Your job security is at risk or have stable income
  • You don’t have savings
  • You are looking for a short term investment
  • You would not be comfortable with the property going backwards in value before it increases

Who Should Consider Investing?

  • People with income security/people with savings
  • If you are comfortable to take a risk for a long term gain
  • Are comfortable with the market fluctuating in the short term
  • Are comfortable to hold the property for at least 12-24 months and wait for the economy to recover

Like To Know If It's The Right Time For You?

There has been no better time than now to have a trusted buyer’s agent on your side helping you through these unprecedented times.

If you would like assistance with any questions, please contact Amanda Gould on 0410 603 352

Get the right advice

Subscribe to keep up-to-date with market trends, property alerts and expert insights.

Keep up-to-date