The COVID-19 pandemic has hit the Australian Property market hard. It effectively sent the nation’s economy into a standstill, pushing real estate market further down- except some particular regions. According to experts, there are various dominating factors behind why a property market, especially housing one might perform better during this pandemic.
Some cities have strong local economics that kept negative forces away during the lockdown period and is still doing great in terms of buying and selling of residential properties. The local government is also financially supporting people whose lives and jobs have affected due to this virus. The property investors are also searching for the cities where the real estate market is stable.
They revealed that Sunshine Coast is one of the best performing cities in Queensland during this outbreak. It has one of the strongest economic and real estate status in the nation, and it continues to deliver solid outcomes in its property markets. If you are planning to buy a house in Queensland, look no further than Sunshine Coast.
You can find one of the most suitable houses at the most reasonable rates. After buying a home, you can plan your relocation. Do not forget to hire the experts for safe and secure removals in Sunshine Coast. They will take care of much-loved possessions throughout the moving journey.
If you are planning to buy or sell a house in Sunshine Coast, have a look at this article to know the current status of city’s housing market along with the areas where house prices fell during COVID-19.
Sunshine Coast Property Market During This Pandemic
Sunshine Coast is one of the most developed regions in the country which is best known for its strong economic growth, high-end infrastructure facilities, and employment generation. The city has around $17.7 billion of the economy- making it one of the largest economies in Australia.
Real estate market is playing a vital role in boosting the economy of Sunshine Coast. At the beginning of 2020, the market was doing an excellent job and is still positioned well during this tough phase- thanks to its infrastructure spend and a strong economy.
Experts believed that infrastructure spending is improving prices of residential properties by generating new jobs, economic activity and boosting local amenities. In the last five years, more than 20,000 jobs have been created in the city. And this trend is set to continue for the next few years. This has encouraged potential property investors and homebuyers to invest their money in Sunshine Coast’s Housing Market.
Currently, the median house price in this regional city is $400,000 to $850,000, which is quite affordable for those who want to live a quality life, enjoy high-class amenities in the hotspots of metropolitan cities of Queensland.
However, the question is why Sunshine Coast’s real estate market is not facing any adverse effects due to this pandemic? It is because the city is generating income for the infrastructure sector, local businesses and the state government is also offering financial support to those who have lost their jobs in the past few months.
There is no denying the fact that the city generates its economy for tourism, construction and retail sectors. The tourism sector is affected by the Coronavirus outbreak because the state borders have been sealed while there is a restriction on overseas travelling.
According to the latest data, sales are occurring in and around Sunshine Coast while the vacancies are still low, and there is no evidence of a decline in property prices. Some postcodes across the city, including Noosa have vacancy rates around 1 to 2 per cent.
At the same time, some of the CBDs areas and tourism-driven suburbs like Surfers Paradise have had an explosion in their vacancies. So, all you need to do is thorough research about the market you are planning to invest in. After buying a dream house, you can plan and prepare your move. You can hire the experienced people for an organised removal in Sunshine Coast.
Factors Affecting your Home Buying Decisions
However, due to uncertainty and higher financial risks, property investors and homebuyers are refinancing and are looking for a better deal on their largest and long-run investment. Make sure you keep a close eye on the following factors while buying a new home in Sunshine Coast during COVID-19 pandemic.
1. Availability of Financial Resources
The coronavirus outbreak has affected the lives of every single individual across the world. If you are planning to buy a home in the middle of the health emergency, then you should check your financial resources. Are banks offering home loans at lowest interest rates due to this pandemic? Will they rebate the mortgage repayments?
Arrange your financial resources before making the final decision.
2. Job Stability
Thousands of people across the nation have lost their jobs in this pandemic. If your job is in danger or facing a significant pay cut, then it is not the right time for you to purchase a home. You can wait a while and focus on getting stable job options before investing money in buying a new home.
3. Lending Criteria
Lower interest rates mean you need to pase y a lower amount after you move into a home. Due to financial uncertainty, some lenders and banks have started setting strict criteria for mortgages and home loans. This means you can’t get a loan if you fail to maintain a credit score. So, keep a clocheck on your credit score as well as mortgage criteria while buying a house.
4. Market Research
Do not underestimate the power of market research, especially when you are in the middle of COVID-19 pandemic. You can take assistance from professional property agents or real estate managers to know everything about the housing market in Sunshine Coast.
It is important to know where house prices feel during this outbreak so that you can plan things accordingly.
Palmview: A Suburb Where House Prices Fell the Most in Sunshine Coast During Coronavirus
According to the latest data, Palmview is one of those suburbs in Sunshine Coast where house prices declined the most during this pandemic. The suburb saw a significant price fall by 19 per cent- which is quite high as compared to other suburbs in this regional city of Queensland.
The prices of the residential property fell from $720,000 to $583,950 in Palmview. Despite being one of the best suburbs that has had great economic growth over the last ten years, property investors and homebuyers are not showing their interest for long-run investment in its local housing market.
Some of the major reasons behind the decline in house prices in Palmview are lack of financial resources among local people, loss of jobs, strict lending criteria and less demand for residential properties in this beautiful suburb.
Local government, banks and other official bodies, such as REIQ need to work together and bring stability in the areas where house prices are falling due to this bad phase. It is important to encourage potential home buyers to invest their money in Palmview so that you can save the housing market from being collapsed.
If you are planning to buy a house in the best suburbs in Sunshine Coast, you can explore Palmview. The property prices are low as compared to other suburbs in the city. Plus, it is best for those who want to live a high-quality life in a peaceful environment.
Finding a dream home during the COVID-19 pandemic seems to be a challenging task, especially if your life and job are at stake. You can do thorough research about the housing market in Sunshine Coast because it is still doing a better job as compared to other big cities.
It is good to read this article and know the suburb where house price fell the most during this period. If you have already bought a house and planning to organise a house move, consider hiring experts for safe and reliable removals in Sunshine Coast.
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