Property market still positive despite COVID-19

REIWA has called on the State and Federal governments to conjure up a relief package stimulus to ensure the homes of Western Australian’s are not lost during these unprecedented times, a luxury we cannot afford to lose.

REIWA are pushing for the relief package to focus on:

• Rent assistance for those who have or will lose their jobs for up to 6 months.
• 75% stamp duty reduction on all properties to help with transactions for those wanting to sell and to help keep small business afloat.
• Landlord insurers to change policies by lending more support, such as loss of rent or rent reductions.

“A short-term stamp duty concession or rebate of 75%t will make buying property much more attractive safeguarding thousands of jobs, including mortgage brokers, removalists, settlement agents and tradespeople,” said REIWA president, Damian Collins.

Realmark Coastal Director, Nathan Burbridge shares a similar view to Mr Collins as he commented that, after seeing it happen before with previous projects, buyers will welcome the discount applied to off-the-plan projects in turn creating a positive effect for the property market in the medium to long term payable to the stamp duty relief.

Mr Burbridge has no doubts that although times are tough the show must go on for the property market, buyers will buy, and sellers will sell.

“The feedback I’m getting from the market is COVID-19 is temporary – having a home to live in is permanent. The one thing which may change is the volume of sales, but the ratio of buyers and sellers will remain constant.” said Mr Burbridge.

Mark Hay Realty Group Principal, Mark Hay also believes the property market will bounce back strongly in the medium term.

Mr Hay commented, “Our property prices are the lowest Australia-wide by up to 100 per cent, our rental vacancy is the very best in the country, our employment level is the best in Australia, and our affordability beats Sydney and Melbourne – these factors, plus our robust outlook, put a massive spotlight on the Perth property market,”

 Mark Hay is working with Griffin Group and is our lead agent for our latest project to kick off construction, The Residence. This unrivalled boutique project with 14 exclusive apartments is already 40% sold with completion set for mid 2021. For more information on this development please contact Mark Hay on 0418 953 742 or markh@markhay.com.au

This is a summary of the article ‘The positives among the COVID-19 negatives’ By Louise Allan | Published in The West Australian | Monday 30^th March, 2020.