The coronavirus has caused a global shutdown that affects all the economic fields.
The most googled question is what will happen to property prices?
It's true, that the prices will go down as the market comes to standstill. But is it as bad as it seems?
According to the Chairman of the Property Investment Professionals of Australia (PIPA), Pete Koulizos mentions that most major markets around the country are well-placed to withstand the current situation with the no change in the pricing.
"While the coronavirus situation is somewhat different, given it's a temporary public health emergency, I believe property prices may temporarily soften by 5 to 10 percent at most but rebound relatively quickly," Mr. Koulizos said.
"During the GFC, prices were 'forecast' to fall by 30 percent, but in many locations, they held their ground and even strengthened over the months and years afterward."
He further went on to say that there will be a rise in unemployment but it may not affect the property market due to lowered interest rates and mortgage payable up to six months. Also, he mentioned that there may be a fall in rentals as the tourism sector will face many hardships during the pandemic.
The property research firm CoreLogic has stated that the provisional "mortgage holidays" being offered by the major banks are thwarting the possibility of a price crash.
It may be true that prices will fall, but there are plenty of opportunities in the market, so now may be the best time to negotiate and buy your dream property!