Why Covid-19 has only minimally affected the real estate market in South Australia and in fact may have contributed to sales in the “off the plan” market:
Covid-19 delivered a short, sharp blow to our economy rather than a drawn out assault and the economy is likely to rebound in the 4thquarter of this year at which time we are likely to be experiencing a perfect storm for property with an increase in prices.
The suppressed buying activity during the Covid-19 shutdown means we expect to see a build-up of latent demand and the markets will rebound in the latter part of 2020.
SA has not been affected much by Covid-19 – our numbers are very low and look like staying low. We are returning to ‘normal’ soon.
Some people’s jobs have been put on hold for a while, but the Australian Government has heavily contributed to stimulus packages to get us through this. Data suggests there is a very weak relationship between average house price growth for subsequent 3-year period and unemployment.
The suppressed buying activity during the Covid-19 shutdown means we expect to see a build-up of latent demand and the markets will rebound in the latter part of 2020.
Covid-19 is luring many of expats back to the Adelaide property market – with buyers attracted by Adelaide’s value, lifestyle, and security. “When South Australia is the safest place in Australia … why wouldn’t you want to come and live here in Adelaide?”
Money is coming in from China, and the US, as the Australian dollar drops – and this is driving the job and real estate market.
The world stock market is still unstable and investors are moving their money to real estate. There will be competition in the long run with owner-occupiers and this may push prices up.
Prices of METRO425 Apartments will rise as soon as construction starts – contact the Agents now to beat the price rise.