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The Victorian property market has remained consistent throughout the COVID-19 period which is a positive for local investors, an industry expert explained.
In a conversation with Smart Property Investment, REIV president Leah Calnan told investors the stability in the market will provide more confidence going forward.
“The market has been very consistent and that is a positive aspect for everyone,” Ms Calnan said.
“It’s really important for those people who have mortgages and have put a hold on them. It gives them reassurance.
“It also supports investors who have had to either put hold on their mortgage or provide rental reduction assistance for their tenants.”
However, while current investors and owners are the winners with stable house prices, those looking to get into the market right now might be the losers.
“I don’t think there is going to be a bargain out there. I think it is important if you can get into the property market to get into the market,” Ms Calnan said.
“There’s always a good time to get into the property market.”
She advises those investors, that looking further out could become an option as COVID-19 changes workplaces.
“There [are] lots of opportunities. One of the positives with COVID, it’s taught us we can have a blended approach to our work lives,” she continued.
“We can perhaps look at moving further out, whether it be regional Victoria or out in the suburbs and still having that blended approach to working partly at home, partly from the office.”
With a lack of bargains available Ms Calnan noted if property ownership is more achievable then potential home owners should buy now instead of waiting.
“If there’s ever an opportunity to get into the property market, you’re comfortable with your repayments, you feel your employment is secure. The data continues to show us that the property market in Victoria is strong and consistent,” she said.
“If you can get in, get in. I don’t think you will see bargains out there. We aren’t going to see those 30 or 40 per cent property reductions that were predicted.”
Ms Calnan said there are some treads with investors moving further out as offices have changed over the last few years, with COVID likely to accelerate this change.
“Earlier in this year we were receiving reports from agents from people in the Melbourne area looking for regional properties. So there are certainly options and properties available in those towns,” Ms Calnan said.
That being said, the property expert cautioned investors, explaining that Victoria regional areas have been let down by a lot of infrastructure of the public transport network.