For Queensland mortgage broker and property consultant Carolyn Walshe, it is not a matter of if, or when, the coronavirus will hit property prices, but by how much and for how long.Banks will be reluctant to lend, as people's ability to repay loans also looks uncertain"You'd have to expect that they're going to fall," Ms Walshe said.
"The question is going to be just exactly how much — I think the smartest thing that people can do right now is just to hold back and wait and see what happens over the next few months." The latest figures show Queensland reached record median house prices for Brisbane, Noosa and other parts of the state in the last quarter of 2019.
Real Estate Institute of Queensland chief executive Antonia Mercorella agreed that COVID-19 would put a dent in that. "Inevitably we will see the property market impacted by the coronavirus — I think it would be incredibly naive to think otherwise," Ms Mercorella said."We know that it will completely erode confidence and those things — security and confidence — are very much key to the property market.
I see this as the market adjustment that needed to happen.
Bring it on.
Nice!
It’s more important that the Ponzi collapses in Sydney.
The least of anyone’s worries right now
I'd say reductions in value would be applicable nationwide, not just limited to QLD.
way to go! time to buy!~