DESPITE uncertainty in the economy created by the COVID- 19 pandemic, the local real estate market remains buoyant according to Portside’s Rodney Keers.
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“The two main drivers of the market are buyers wanting to escape the big cities and investors who believe that bricks and mortar are a safer and more attractive investment than shares or cash deposits,” he said.
“With many people being able to work from home, they seek out quiet,safe coastal towns free from the problems of the congested, stress riddled life of Sydney,” he added.
“On top of that, they can cash in a city home and get something much bigger and better up here for the same price,” Mr Keers said.
“ Shares have taken a nosedive and dividends are being slashed as well as cash rates hovering around the 1% mark,” he said.
“The possibility of a better return from an investment property plus capital gain is very appealing to a lot of people.”
“There are also first home buyers active in the market. Properties listed up to $500 000 are selling well but those above this figure are a bit slower,” Mr Keers said.