[VIDEO] How Has COVID Affected The Market & The Price Of My Home?
Welcome to "The Big Q" where each week I will answer one big question that I hear every day from property owners.
This week I look at the biggest concern on all home-owners minds right now - How Has COVID Affected My Home?
Key points I discuss:
- How has COVID affected property sales activity
- How has COVID affect property prices
- What is happening in Kedron & surrounding suburbs
Don't go to market without reading this article!
Thanks for tuning in!
Daniel Hooper - 0424 585 391
Hi. This is Daniel from One Percent Property coming to you on Sunday, the 23rd of August 2020, with the second instalment of the Big Queue. So the Big Queue is a segment I do every Sunday, where I talk about big questions in real estate, things that vendors and buyers ask on a regular basis, and that I'm sure you would be interested in finding out the answer to. This week, the big question is how has COVID affected the market and how has COVID affected the value of my property? So let's start with a few statistics. This week in Queensland, we had over a thousand properties sold. Now, those figures are basically exactly where we were at before COVID. It slowed down for a bit during the lockdown, but it's now back up to basically the exact same number of properties changing hands every week, so a very little difference there. The auction clearance rate this week was 50%, 48% this time last year. So again, very little difference. If anything, it's a little stronger than it was last year, which is obviously good news.
Looking at prices, Brisbane's property prices are up 3.8% this year, so 2020. Now, there was a small slowdown during COVID, a small price drop, but nothing really noticeable, something in the vicinity of .4, .5%. But as far as the year goes, we are up 3.8%. So again, there has been very, very little effect at the current point in time on the Brisbane property market from this pandemic. And that is saying at the current point in time because obviously, we never know what's going to happen in the future. But as long as our businesses are able to keep opening, then it's looking pretty encouraging for our local homeowners.
Locally in the inner-north market, Kettering and surrounding suburbs, what I'm seeing is that essentially there are just too many buyers for the number of properties that we have on the market. A lot of homeowners, I guess are a little nervous. They're maybe delaying going to the market because I don't want to outlay the advertising costs and then not have that property sell due to COVID. But what that means is people are still buying properties. So, similar to what happened with the toilet paper, everyone wants it, there's not enough stock, suddenly it becomes a very valuable item. So it's actually, surprisingly, it's a fantastic market to be selling at the moment. Not such a good market to be buying because properties are selling extremely quickly and they're selling for very, very good prices, which is obviously fantastic if you're a homeowner.
How long will this market last? Look, it's anyone's guess, but certainly, as things start to level out later in the year, things are probably going to start to go back to normal, which will take us probably away from this market where there's just an overflow of buyers and not enough properties.
Now on that note, if you are thinking about selling, I recommend you go take a look at the link at the bottom of this video. I've written an article, it's Five Ways to Significantly Increase the Value of Your Property Without Breaking the Bank. Some really good ideas of little things you can do to add value to your home before you go to market. If you have any other questions, please feel free to get ahold of me at any time. 0424 585 391. Otherwise, I hope you have had a fantastic week and I hope next week is even better.