In our latest video, Jason talks about what the current Coronavirus crisis means for property prices.
What does COVID-19 mean for property investors? Hi, I'm Jason Dwyer, Managing Director of Dwyer Property Investments. I grew up on the Sunshine Coast and have been involved in the local property market most of my life. Together with my brother's company, Dwyer Quality Homes, our family has been helping Queenslanders build beautiful homes and invest in property for over 35 years.
What a lot of people, especially property investors, are asking at the moment is what does COVID-19 mean for me and the property market. Well, I'm happy to tell you that you don't have to change your financial goals. Actually, there are good reasons why now is the perfect time to put your investment plans in place. While some headlines would have us believe that the property market is in meltdown, the truth is the pandemic has had a minimal impact on prices so far, certainly not the drastic 30% drop that has been suggested by some headlines and media outlets. What we're now seeing in Australia is closer to a 5% fall in property prices, and that is only in some very specific areas. In fact, the Sunshine Coast is currently experiencing over 7% growth. Rental returns are still strong at 5% and demand is high. It also makes sense to borrow money as interest rates are the lowest they've ever been.
Making property predictions is hard, especially in these uncertain times. But what we do know is that property markets have proved remarkably resilient so far. They haven't fallen off a cliff and there are no indications from any sector that they will. Factor in too that our little pocket of paradise in the Sunshine Coast is more popular than ever, with more and more people moving here, driving property demand even higher. Remember that a property is a long-term investment, 10 years plus, so investors shouldn't base their investment decisions on today's headlines, plus the current economic climate will be history in 12 to 18 months. Quality property in popular areas is still and always will be a sound investment. For motivated investors, there are solid buying opportunities in the market at a time when there's less competition, interest rates are at an all time low, property prices are relatively stable, and migration to Queensland and the Sunshine Coast is on the rise.
So if you've been thinking about investing in property but haven't done anything yet, find out more about why the right conditions exist now. Visit the Dwyer Property Investments YouTube channel, call me, Jason Dwyer, for an obligation-free chat today. Thank you.