MONTHLY MARKET WRAP – MARCH 2020

A world-altering event is well underway with ramifications so widespread that governments around the world can’t even measure the true extent of the change occurring. We don’t think anyone can. Covid-19 has consumed every conversation and media headline for the past several weeks and it would seem we’re in for a few more months of adjustments before we get on top of this virus. Our industry, like so many others, is feeling the impact. This means we have to quickly adapt to all sorts of moving parts, from restricted property viewings through to a huge increase in the number of tenants seeking rent relief. It’s an extraordinary period with so much disruption occurring almost hourly but as we continue to hear, ‘we’re all in this together’ and that we are.

As global share markets have plummeted, attention has turned to the property sector. We’ve heard some dire predictions with big losses forecast for property however we’ve been here before and not too long ago either. As it stands we’ll close out the month of March with property values holding stable despite a diminishing pool of active buyers.

As we slide into April conditions may very well deteriorate, particularly if we move into a full lockdown, however buyers operating at the end of March were moving swiftly to close a deal. It’s the ‘Teflon’ Sydney market that always holds firm just that bit longer than shares and other investments. This is not to say that property is immune however it may surprise many to hear that in the last week of March, with open homes and auctions banned, we actually recorded one of the biggest weeks of sales for the year. While many buyers had loan pre-approval, there is some talk that banks will have to rein in lending policy once again as scrutiny around job security increases.

We’re currently having conversations that we’ve never had before. Discussions about things such as social distancing and a full society lockdown seem commonplace now, though who would have even thought such phrases would be part of our everyday dialogue? But here we find ourselves, in a new place with new horizons ahead. We’ve moved property to almost a full digital experience and consumers are continuing to show an appetite to interact even in a restricted capacity. It is really quite astonishing how quickly people are adapting, essentially because we have no other choice. We’re not sure that all the new industry measures will remain post-virus however there are plenty of inefficiencies which have been corrected in our industry that will remain forever and help consumers.

It’s been a trying time and a test of strength and character for many but we’re so pleased to report that the communities we serve have taken up the challenge with gusto. A coming together and a sense of patience, humility, caring and understanding are threaded through every conversation we’ve been having. It’s quite uplifting to be part of a movement that you can’t see but you can certainly feel. We acknowledge some in our community are doing it tougher than others and we’re here to support in our best capacity. We have no doubt that property will have its bump in the road in the coming days, weeks and months however we’re also confident that we’ll climb this wall of worry like every challenge prior and continue forward.

March Signature Performers