Is 2021 a good time to buy property?

As COVID-19 started to infiltrate our shores in early 2020, Australian newspapers along with our top 4 banks & politicians thought we’d be on a fast track to a health catastrophe & economic depression. Australia was going to be shut down, thousands were going to die, unemployment would reach unprecedented levels & house prices were predicted to depreciate by 30%! We’d all be locked in our homes, too scared to leave the house for fear of catching this deadly new disease.

It’s true, some parts of the country are suffering more than others but on a global scale we are truly the lucky country. Our government, Federal & State, acted quickly to short circuit the virus from entrenching itself too deeply into our society.

Undoubtedly most of us have needed to rethink & recalibrate how we live our lives. But whilst many are struggling with a lack of freedom, others are loving the slowed down pace of life. Some of us are enjoying working from home in our PJs with no tiresome commute, others are missing their colleagues & the day to day buzz of office life. The reality is that this is our new reality & we will tweak it & mould it to a new way of life that we will love just as much, if not more than the good old days of 2019. How will we do this, how will we adjust?

Instead of freaking out & locking down; we can grow, learn, leverage from the experience.

The interesting thing about Australia is that whilst we have more land & space than just about any other country on the planet, most of us live within 100km of the east coast & more than a third of our population is concentrated in two cities. Crazy right?

Whilst Sydney & Melbourne are both fabulous cities, there are so many other fabulous places to live in Australia & now might just be the perfect time to go for that sea change / tree change without giving up that cool city job.

The reality is that the property market has not fallen off a cliff & it’s not likely to happen any time soon.  It’s held up really well because the drivers of this crisis are not actually economic. Fundamentally, if we keep our nerve we will get through this reasonably unscathed (with full respect to the families who have lost loved ones) & for many of us; stronger, happier, with brighter futures.

Why? Because WFH will give many of us amazing new opportunities; the gift of time, space, fresh air, flexibility, family, sport, hobbies . . . . now is the time to think about how to manifest these fantasies into reality.

  • The 3 bedroom house you couldn’t afford within a reasonable commute to the city is now an affordable 4 bedroom house on a large block in a town by the sea or a town by the hills where you can work remotely & commute occasionally.
  • Or maybe, that cool terrace house in the Inner West that you could never afford is now affordable with record low interest rates.
  • Or if you’re a first home buyer, you finally have enough deposit because of the multiple incentives the government has put in place to assist you. A mortgage just might be cheaper than rent!

If you are wondering what are the possibilities & if you’re interested to know more, please contact us to arrange an obligation free appointment.

This article is for general information purposes only and does not constitute advice. With the above options and information there are a number of considerations outside the scope of what is covered in this article that you need to understand to ensure your personal circumstances are taken into consideration. We recommend that you discuss investment options with your financial advisor.

At Clear Options Finance we will be happy to discuss your specific circumstances & debt financing requirements.