How has the property market changed since Covid?

How has the property market changed since Covid?

It’s been less than three years since we emerged from the Covid lockdowns of 2021.

And yet, a lot has changed in the property market in that short period of time.

Interest rates: Despite being locked down for almost two years, interest rates were at an all-time low and no one was travelling, so everyone was buying property. It was a surprisingly busy period. But now, interest rates have gone back up and the market has stabilised.

Buyers’ agents: People have become increasingly time-poor and uncertain, resulting in the rise of buyers’ agents. Buyers’ agents act as a liaison between buyers and real estate agents. They do the heavy lifting in terms of finding and inspecting properties, negotiating the best deal for buyers and guiding their clients through the property purchasing process.

Going digital: Property marketing is now even more digital than it was 3 years ago. Videos and virtual tours have increased. Print ads are almost obsolete. RealEstate.com.au and Domain.com.au, along with agency websites and social media, are where most buyers look for properties these days. Having said that, signboards and brochures are still important.

Unseen purchases: Due to the aforementioned rise in digital property marketing, more and more properties are being purchases ‘sight unseen’ ie. the buyers don’t physically inspect the property. They’re usually interstate or overseas and make their decision with the help of all the digital marketing and perhaps a buyers’ agent who has inspected it for them.

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