An update from our CEO – May
May 1, 2020 Uncategorised
I’m proud to say that Hodges have been at the forefront of technology, pioneering and embarking on alternative ways to serve our customers during this time. Virtual inspections, one-on-one appointments, online auctions and innovative solutions, means it is now easier than ever to purchase your new home with Hodges.
Despite the current climate, property has continued to perform relatively well against the negative economic shocks. Housing is an illiquid asset, meaning it shows far less volatility and decline than other investments such as the share markets. Don’t wait to buy real estate, buy real estate and wait.
Major share market losses and recession are not necessarily predictors of declines in housing values. Australian residential property has historically fared well against negative economic impact. Property transaction volumes have reduced and are likely to continue to fall in the coming months. Consumer confidence naturally reduces, and more Australians are likely to put high commitment decisions on hold until there is more certainty around their jobs and household finances. However, in terms of values we are still witnessing consistently strong results and above reserve prices. A decline in sales volumes will be counterbalanced by a drop-in buyer activity. This will help to provide a support and buffer for property prices throughout this time.
The full effect of COVID-19 on the property market is yet to be seen, but we are here to inform and guide you throughout this time.