The year 2020 starts off spectacularly with the Coronavirus and the Australian Bushfires in the spotlight. How exactly these events will impact the economy both domestically and globally are still to be seen.
The Australian property market continues its climb with Melbourne leading the rebound at +1.2% in January 2020. However many experts warn that the pace of growth is unsustainable in the long run, as housing affordability worsen amid sluggish income growth. With domestic and global events such as Coronavirus at play, the outlook for the economy across the board for the first half of 2020 is grim.
Disruptions in the global market with business and trade due to the outbreak will send eventual rippling effect to The Australian economy filtering all the way down to the household income. With a potential decrease in demand of foreign purchasers coupled with tighter household incomes, the outlook for sustaining the pace of growth looks increasingly unlikely.
The golden question will always be, what is the best time to sell or buy property? There are mixed views with analysts predicting both bullish and bearish markets in 2020. One thing’s for sure, ensure that you are ready to sell or buy will enable you to react in a timely manner to this fragile and dynamic market. If you are planning on buying, have your finances in-line and ready to go. If you are planning to sell, ensure that any renovation works are completed to maximise property value and increase your reactiveness.