• helenaustin

How has COVID impacted the property market?

Updated: Jul 22

We all know that life has changed dramatically over the past 16 or so months. The initial shock and novelty of changing the way we lived, worked, and played has given way to the opportunity to see over a longer period of time what this has meant for us, in particular with regard to property and houses.

Statistical View:

Cameron Kusher, Executive Manager for Economic Research at recently discussed the findings of the Property Seeker Survey conducted in December last year. Some of the key findings from this survey are:

  • Regional areas have outpaced capital cities in property value growth

  • There has been an influx of first home buyers to the market (26% of all new mortgages were to first home buyers)

  • People have invested significant amounts of money in their homes

  • Investors have been making a comeback to the market

  • 76% of those surveyed made changes to their home or their life during the COVID period – but 50% would still like their homes to have different features

  • The most desired additional features in homes, according to the survey, were natural light, more living spaces, outdoor spaces, more bedrooms, and a home office

Human View:

Over the same period, Sabina Read, psychologist and media commentator, has identified a number of behavioural changes that she attributes to life under pandemic conditions:

  • Privacy, comfort, belonging and safety are far more important now than ever

  • We generally seem to feel that we lost choice and control over the past 18 months

  • We are more cautious with our finances and our health

  • We want to hold on to parts of our life that we can control, and the most important one of these is the home

  • We now use the home in ways different than pre-COVID – we tend to value the importance of sharing living spaces whilst at the same time valuing our individual spaces

  • We are unlikely to want to return to working full time outside the home

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