History seems to be repeating itself in the housing market. During the Spanish Flu pandemic of 1919, the media created fear and hysteria through their headlines despite there being little to worry about. Housing prices didn’t fall at all and in fact, did the exact opposite. Prices boomed and then continued to rise by more than 10 percent each year until 1921. You and I both know, we all need a roof over our heads. Even after the national recession in 1990-1991 and after the Global Financial Crisis in 2008-2009, the real estate market was the quickest to return to pre-crisis activity and values. So, what does this mean for real estate in Lake Macquarie?
Good news for Lake Macquarie
Following the pandemic, there are reports of a dip in housing values across the country. The good news for Lake Macquarie is that the data for the second quarter of 2020 is showing otherwise. Traditionally we don’t see the sharp rises and dips of our capital city counterparts. Our Lake Macquarie area is more resilient to property value falls. If unemployment rates remain similar to today’s rates, we predict that we should not see housing prices impacted too much.
Demand is still high
Record low-interest rates and lower levels of available housing stock combined with high levels of buyer demand has kept prices fairly stable throughout the pandemic. Housing is Australia’s single largest asset class. Residential property outperformed all other investment types, including shares, over the past 20 years. As confidence continues to increase it will drive the recovery. Real estate activity will be significant as property offers better options in comparison to other asset classes given the low-interest rates.
Auctions and open homes
After a short spell of tightened restrictions, the Real Estate industry is almost back in full swing. At L J Hooker, Warners Bay we have returned to conducting auctions in our dedicated ‘Auction Room’ on Hillsborough Road. Our available homes for sale are open for inspection on Saturdays again albeit with the current social distancing and hygiene measures in place.
Choosing the right agent
You have to be comfortable with the agent you choose to sell your home. This is a big price tag, as you know, and local knowledge is extremely important as is trust. Sometimes the selling process can take longer than you may hope, so having an excellent relationship and being comfortable asking questions and getting answers is important. You should never feel out of control. This is your house, and you should be kept well informed throughout the entire selling process. With lower levels of available homes for sale, now is a great time to sell in Lake Macquarie.
Contributor:
Team Velkovski | Live local, sell local Lake Macquarie
Description: When you employ TeamVelkovski you get a combined 18 years of experience in selling real estate in and around Lake Macquarie. They’ve sold properties through many different types of economic climates and have the knowledge to help you. Team Velkovski is made up of a husband and wife team. Michael has lived in the Lake Macquarie area for most of his life and Rebecca has lived here for the last 17 years. Both have a great love for the area and its people. They especially love spruiking all of the benefits that Lake Macquarie has to offer people who are looking to move to the area. They can’t wait to help you.
Phone: Michael : 0414 332 000 Rebecca : 0410 524 437
E: michael.velkovski@ljhooker.com.au rebecca.velkovski@ljhooker.com.au
W: https://teamvelkovski-valentine.ljhooker.com.au/
