Chase Edwards, Money Management

Buying a Home During Covid-19

 August 12, 2020

By  Chase Edwards

Locations throughout Australia have low vacancy rates and strong rental markets; with
buyer’s needing to contend with strong competition.

With what the mainstream media is currently producing and numerous “clickbait headlines” it’s not surprising that people aren’t aware that there are local economies that are thriving and their local property markets are going strong.

Amongst the disarray that COVID-19 has caused, it has opened up opportunities for first
home buyers and investors. Lower prices in the current climate, record low interest rates and a variety of government support available.

In saying that, two-thirds of the younger generation have been considering purchasing their first home in regional Australia due to the current pandemic, to save money and improve their lifestyle. Big backyards and a separate study area were priorities due to COVID-19,

making work from home arrangements for some businesses a necessity.
One of the Government initiatives is the $25,000 Home Builder Scheme. To stimulate the
economy and the building industry, the Morrison Government made this scheme available to not only first home buyers but all who meet specific income, citizenship and other eligibility criteria.

This initiative can be seen as a stepping stone to get first home buyers into their own home quicker. Those who understand the fundamentals of the property industry can interpret that short-lived scenarios like COVID-19 are largely irrelevant in the overall scheme of things.

See this Home Builder Scheme fact sheet for more information and eligibility criteria:

src: https://www.savings.com.au/home-loans/first-home-buyers-considering-regional-property-duringcovid-19 & https://www.propertyobserver.com.au/terry-ryder/116197-never-been-a-better-time-for-firsthome-buyers-to-take-action-hotspotting-s-terry-ryder.html

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