A survey by Ripehouse Advisory, of real estate leaders, has revealed how well the industry is surviving the Coronavirus pandemic.
The COVID-19 vs Australian Property Report has been released by property research company Ripehouse Advisory uncovering the opinion and advice from 146 property experts.
By doing this survery and releasing their report Ripehouse Advisory has attempted to get to the heart of what to COVID-19 virus means for Australian property.
“To help paint this picture, we turned to our extensive network of Australia’s most trusted property professionals," said Ripehouse Advisory CEO Jacob Field.
"Identified as key academics, leaders of Australia’s industry bodies and the individual custodians of the various professions as related to property.
“The opinions and statements in this document provide a frank assessment of a drastically changed property landscape.”
At a Glance:
According to outcomes of the report, the areas most impacted by COVID-19 included 76 suburbs which have taken a hit due to the downturn in tourism nationally.
The study also identified the 76 suburbs most impacted by the downturn in tourism nationally.
The characteristics of these suburbs is as follows:
Criteria used to identify these suburbs:
The study also identified the 55 suburbs most insulated from COVID-19 nationally.
The characteristics of these suburbs is as follows:
Criteria used to identify these suburbs:
For further details on the suburbs affected click here.
Mr Field said the study achieved what it set out to do.
"We understand that an individual respondent may be biased," said Mr Field to WILLIAMS MEDIA.
"The report demonstrated that a varied group of industry experts can speak with poise and rationality even in times of crisis."
The common theme from the report, according to Mr Field, was the real estate industry could survive in and after the pandemic.
"Time will tell as respondents did feel prices would only drop if people were forced to sell," said Mr Field.
"A common theme was we can contain the virus and open back up for business in the 6 months repayment holiday, then this might be a small blip on the radar.
"As always we do however need to remember that Australian property is made up of many thousands of markets.
"The report did identify 55 safe haven suburbs, most likely to be insulated from large price corrections."
Mr Field said the most telling piece of information from the report was that diversification lowers risk.
"Investors who have chased high yields via Airbnb, now find themselves overly exposed to the downside risk of a prolonged COVID-19 correction," said Mr Field.
View the COVID-19 V Australian Property Report here
Similar to this:
Avoiding a minefield: Where to invest in Melbourne, Brisbane and Sydney
How to know if an interstate investment is worth it
Why property stands sturdy as Coronavirus smashes stock markets