New data shows that steady growth across Australia’s main property markets should see a return to a more buoyant economy as we move into 2021.
Quarterly research conducted by Dexus predicts that improving market confidence bodes well for the near future, however, much the degree of success will ultimately be determined by the ability to tackle COVID-19 and the issues that accompany the virus.
Dexus General Manager for Research, Peter Studley, said: “Australian economic growth forecasts are relatively steady on a global scale, with latest forecasts from the IMF predicting less downside in 2020 and a return to growth in 2021.”
“However, much depends on our ability to suppress COVID-19, which itself is reliant on the emergence of a vaccine,” said Mr Studley.
As more people now work from home, it has been suggested that the office sector is no longer essential, but Mr Studley believes offices still have a huge part to play in the future of Australia’s economy.
“The work-from-home experience has sparked much discussion about the relevance of office buildings post-COVID-19,” he said.
Office buildings will continue to play a pivotal role in developing culture, and fostering collaboration and innovation.Dexus General Manager for Research – Peter Studley
Many companies are giving employees the choice whether to work from home or from the office, with figures showing a steady rise in workers keen to get back to the office environment where and when it is safe to do so.
We expect an acceleration of the trend towards greater flexibility, however, there is no ‘one size fits all’ solution and the adopted model will depend on the type of business and roles within it.Dexus General Manager for Research – Peter Studley
“Although many workers are still working from home, office attendance has been improving in line with the easing of mobility restrictions,” Mr Studley explained.