Reassuring statements from the Reserve Bank of Australia have tentatively suggested the economy has grown in the September quarter with performance tracking better than predicted, signalling the emerging economic turnaround we’ve been anticipating. The direction we’re likely headed is consistent with CoreLogic data showing prices across Australia’s smaller capitals have been rising since early September, despite a 25% dormancy for months under Victoria’s stage four restrictions.
New research commissioned by ING over August and September 2020 has also provided telling insight into Aussie behaviour when it comes to property and finance, with millennials leading results as the demographic with the highest confidence levels - 50% stating they feel ‘positive’ about buying property. When it comes to buying activity now and in the near future, almost half of all millennials and Gen Z participants said they were currently saving for a home deposit, with their property ownership goals mostly propelled by low interest rates (32%) and improved housing affordability (27%).
The research suggests that 2020 has enabled prospective buyers, particularly young people, to think meaningfully about their investment goals, with the year’s events equipping them to better understand their finances, and feel more empowered to execute a plan towards building their financial future.
Qualified buyers have little reservation about investing in the current market and these positive attitudes towards property are echoed in our results. We sold ten properties over October - our best performing month since mid-year - whilst also setting a new 2020 record price for a one bedroom apartment on the waterfront estate at $558,000. Buyers see undoubted value in quality homes with unique appeal, particularly when comparing prices to those during the market peak of January and February 2020 when many were priced out of the opportunity to purchase their ideal home.
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