It feels like the world has stopped; events are being cancelled, venues are closing, and new restrictions by the government are applied constantly.
While everyday life is changing rapidly, buying a new property or an investment property might still be on your radar as you look to invest in your future.
It can be a hard decision to decide when is the right time to go ahead with that prized property purchase.
Here are some points to consider.
Interest rates at an all-time low
To slow down the impact of the crisis, the RBA made the exceptional decision of cutting the interest rates ahead of schedule, and we are now seeing the lowest interest rates in Australian history.
Rental income is still high
Rental properties are still returning high income, so if you are looking to invest now can be a great time to add another stream of income to your financial portfolio.
Real estate is much more resilient during economic slowdowns and downturns due to its risk exposure being limited to macroeconomic factors and policy changes.
The perfect property might be right around the corner
With some investors needing to free up cash flow, you might find that there are more properties on the market to choose from. If you have a stable income and were already in the market for a new property pre-COVID-19 now might be the time to snap up a good deal.
In it for the long game
You should be in the property game for the long game, not the short game. So, whenever you are ready to buy as long as you have the funds to service the loan, there is no bad time to buy.
We recommend that before investing you seek advice from a financial planner, advisor or accountant.
If you need help with finding the perfect home for you, get in touch today with our friendly sales team.