How COVID-19 has impacted the buyer's market

Over the last year, the Coronavirus pandemic has caused the world to become a stranger place. Virtually no industry has been left unaffected. This is the same for the housing industry where there have been a variety of changes:

Interest rates - At the onset of the pandemic, the Reserve Bank dropped the repo rate significantly, which led to banks offering much lower interest rates on property bonds. More new home buyers entered the mix and existing homeowners sought refinancing.

Supply and Demand - The record-low interest rates meant more home buyers were emerging, and fewer homes were put up for sale amid all the uncertainty. This sudden imbalance between supply and demand caused many property prices to rise.

Lifestyle and Priorities - Since most daily activities were moved indoor due to the pandemic, the way homes were utilised also changed. Many people turned their focus to making their living spaces more liveable and even incorporated home offices/gyms in their conceptualisation of the ideal home.

Metropolitan vs Rural living - With strict lockdowns, home-bound living naturally increased. Because of the irrelevance of location and commute time, people reassessed their priorities. Many realised that rural living meant better quality of life, while the benefits of metropolitan living were fewer.

For a property move that makes more sense than your current living space, be sure to get in touch with an Attorney Agent at 3%.Com Properties to make your venture into buying or selling a home a streamlined process.

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This article is a general information sheet and should not be used or relied on as legal or other professional advice. No liability can be accepted for any errors or omissions nor for any loss or damage arising from reliance upon any information herein. Always contact your adviser for specific and detailed advice. Errors and omissions excepted (E&OE).