Australia’s $8 trillion property market is flourishing in the wake of coronavirus, thanks to high buyer demand and economic stimulus. House sales are up 32 per cent and auction clearance rates are at an unprecedented level, with the Australian Bureau of Statistics predicting the strongest growth in the nation’s residential market since December 2016.
Low interest rates, government incentives and easier loan requirements are major drivers in the booming property market, but Australian property entrepreneur Emil Juresic says the impact of driven investors can not be overlooked.
“Australia has shown the world that our economy has handled COVID-19 better than nearly anywhere else, and our economy has thrived instead of going backwards,” Emil says.
“We are one of the safest places in the world for people to visit or to live, and the safest place in the world for people to come and invest their money,” he says.
“We handled the Global Financial Crisis and we handled the pandemic, and we can handle their money.”
Australia has always been a top choice for foreign investment, and the country’s dependable economy has only increased its allure for offshore investors and potential migrants.
In March house prices rose 0.8 per cent, following 2.1 per cent growth in February, and the nation’s top banks are tipping an even stronger performance from the property market throughout the year.
“At the moment there’s a sense of frenzy when it comes to real estate,” Emil says. “Prices are going up all over the place.
“I put a house on the market on Sunday, on Tuesday I had ten offers, and sold that home for $310,000 more than the seller paid for it four months ago,” he says. “That’s how crazy the market is because people are confident and don’t want to miss out.
“Australia’s market didn’t drop during the pandemic, and now that it’s actually boosted it’s signalling to investors that parking your money here is safer than anywhere else – we’re the new Switzerland!”