Australia’s economy has been incredibly resilient since the last recession which happened in the early 90’s. However, as the outlook becomes increasingly grim, how prepared are you?
The Coronavirus Pandemic has impacted all of us one way or another, both in business and in our everyday lives. While we are all weathering the bumpy ride during this turbulent time, it is unfortunately difficult to see the light at the end of the tunnel.
As lockdown restrictions are poised to lift in the next months, both the Australian and global economy is far from going back to “normal”. The disruptions on global supply chain and our deteriorating political relationship with our biggest trade partner China are pinning Australia down towards the next recession, as we only just weathered through the disastrous bushfire season and barely recovered from COVID-19.
The housing market has been surprisingly buoyant thus far but speculation is mounting that it is only a matter of time before property prices decline. A good strategy is to take advantage of the relatively unaffected market to prepare and sell whilst there is still strong demand. This would offload mortgage stress and cashflow pressures in the medium term should recession really hit Australia.
It will not be all smooth sailing however, with buyers now more picky on real-estate due to the uncertainty in the economy.
Prepare your property well with savvy renovations to maximise the return in investment.