- Virtual property tours can offer exceptional detail and information
- Take advantage of different growth dynamics or diversification
- New technologies supporting real estate transactions every day
It really goes without saying at this point, but coronavirus has changed so much of our lives over the past 18 months.
Travel is difficult, if not impossible. Face masks are the hottest fashion trend. We find ourselves glued to the daily press conferences of political leaders for the first time… ever.
And, for many, we’ve been reminded about what truly matters in life – our loved ones, community, and the pursuit of happiness.
It’s definitely been an uncertain and frustrating time, with the stop-start nature of restrictions and border closures making it pretty hard to make plans for the future.
But I’ve found there is usually a silver lining to most setbacks, and the COVID-19 pandemic is no different. If nothing else, it’s made it possible to perform many formerly in-person tasks remotely.
Such as… buying real estate.
Sure, in the pre-coronavirus days, you could swing an interstate property purchase without physically being in the same postcode, but it was tedious and fraught with downsides – unless you used buying experts to assist you.
But these days, thanks to that beautiful thing called necessity, we have a range of tools at our disposal to make buying anywhere simple and safe.
There are virtual property tours that offer an exceptional amount of detail and information.
Realtors are letting clients ‘dial in’ to inspections via video call and so they can be shown around from anywhere in the country, or indeed the world.
You can view and even bid in virtual auctions. Contract reviews can be done electronically.
We live in strange but very convenient times.
Property prices soaring
And when you look at how markets around the country are performing, you might be especially tempted to look beyond your backyard for your next investment opportunity.
Nationally, median dwelling values rose a very healthy 1.9% in the month of June to finish the financial year 13.5% up. That’s an incredible run given the unprecedented challenges facing the economy.
Each capital city saw above average annual growth in their median dwelling values, but some performed much better than others. And I’m not just talking about Sydney.
The New South Wales capital did have a fantastic run, with its median dwelling value up 15% over the 12 months to June to $994,298.
But the strongest performing market in the 2020-21 financial year was actually Darwin, where the median dwelling value of $475,083 is up 21%.
It was followed closely by Hobart, where a 19.6% increase has pushed the median dwelling price to $607,960, and Canberra, where the median dwelling price of $770,873 is up 18.1%.
Brisbane had a good year, too, with a 13.2% lift over the year taking its median to $586,142.
Even Melbourne, which spent a huge chunk of 2020 in lockdown and was by far hardest hit by coronavirus and its myriad impacts, saw a 7.7% increase in its median dwelling value, now at $753,100.
Adelaide did well – its median is up 13.9% to $508,712 – and Perth, despite some volatile conditions over that way, saw a 9.8% lift in its median, now $526,166.
Investors don’t have to confine themselves to their local market and can more easily spread their property wings to find opportunities elsewhere in their state, or indeed around the country.
They can take advantage of different growth dynamics or diversify their holdings, taking on less or greater risk, depending on their appetite.
Interstate expertise
More and more options are on the table when would-be buyers look further afield, and there are countless tools to help make an informed choice.
These days, property buyers and experts have at their fingertips access to a wealth of information about real estate markets to help them assess an opportunity.
You can get a sense of a market’s current and past performance, its future prospects, what factors are influencing its supply and demand trajectory, and any changes in the pipeline.
You can find out about rezoning, major developments, infrastructure improvements and more, all with the click of a button and from wherever you are.
And whatever type of expert you need, from local experts on the ground to advisers across a spectrum of specialties, including buying, you can engage with them without having to physically be there.
We work with buyers every day who are on the path to financial freedom with a real estate portfolio, helping them to take steps closer to their goals.
We help source potential investments all over Australia that fit our clients’ needs, wants and budgets, and then negotiate the purchase on their behalf to get the best possible price.
And we are continuing to do so, even when cities are in lockdown, because of the strong networks we have around the nation – and the new technologies that are supporting real estate transactions every day of every week.
~~
Before making any financial decisions, please do your own independent research, taking into account your own situation. This article does not purport to provide financial or taxation advice. See our Terms of Use.
