One of the major impacts of the COVID-19 recession has been that people have been extremely restricted in the ways they can spend their money.
Shutdowns have restricted individuals’ ability to eat out and go to sporting events while closed domestic and international borders have reduced people’s ability to travel – a luxury that many Australians enjoy each year.
With borrowing costs the lowest they have ever been – and unlikely to increase for some time – and restrictions on people’s ability to move and spend, it appears that an increasing number of Australians are contemplating putting their excess cash into the property market.
This is highlighted by the fact that overall search volumes on realestate.com.au are higher than they were a year ago and price-filtered searches are also increasing.
1. A higher proportion of searches at lower price points
2. Searches for properties over $1m have increased
3. Shift in searches over $1m greater in regional markets To read the full article click here