We are taking the news of COVID-19 very seriously and we are changing the way we do business to ensure we keep the spread of this virus to an absolute minimum. But business still goes on, the wheels continue to turn and people still need to buy and sell property.
At the time of writing this, the reduction in the latest OCR has already reduced floating interest rates and we are expecting fixed rates to follow. This is absolutely encouraging for sellers, as investors who seem to have been very active in the market place at the moment, are definitely buying and more so given the volatility of the share market. They are flocking back into property which will be great news to renters in particular, hopefully easing the shortage of property available to rent. The numbers of first home buyers are also strong and they are appearing in the auction room as well as making offers on priced property. I have no doubt they welcome the reduced interest rates. And that movement in the bottom to middle part of the market then filtrates through to sales in the middle to high end so the flow on effects continue.
It may not be business as usual in some respects, but it is still business going ahead in many areas too. We just find a different way of doing things. Watch this space and stay vigilant.