While the number of COVID-19 cases around the world continues to climb, it is encouraging to learn that several countries have turned the corner and are restarting their economies.
Australia has started to relax measures, states such as Western Australia and South Australia have begun to re-open schools, malls and parks. UK has apparently passed its peak, and the government is promising a lockdown exit plan.
Across UK, Australia and US, housing markets have been sharply affected as transaction volumes plummeted amid the lockdown. Although some reports have forecasted up to 20% drop in property prices, there is consensus that a rebound will follow very quickly once the dust settles.
What caught our eyes this week
WA Today – Perth real estate agents are breathing a sigh of relief after the West Australian government included WA government home opens and display village inspections involving up to 10 people among newly permitted gatherings.
9 News – “While the coronavirus situation is somewhat different, given it’s a temporary public health emergency, I believe property prices may temporary soften by five to 10 per cent at most but rebound relatively quickly.”
Express – THE UK housing market could be set for disaster if a second wave of coronavirus hits the country later this year, an industry expert has warned.
Read also: Manchester as an Investment Destination
Money – Despite the difficulty of listing and closing house sales, many real estate market fundamentals are strong, real estate experts say. With mortgage rates hovering at record lows—the average for a 30-year fixed-rate mortgage was 3.33% the week ending April 23.
Bisnow – Starwood Capital Group, a private investment giant with over $60B in assets under management, is actively searching for buying opportunities amid the coronavirus pandemic, Sternlicht, who serves as chairman and CEO, said Wednesday.
Vantage Point is a curated cache of the latest trends in real estate investing repurposed from media outlets and websites around the globe. Each article is a succinct wrap-up of key news points for an easy read. Outbound links, embedded in each editorial, are attributed to original external sources. RealVantage makes no warranties or representations regarding the accuracy, completeness or veracity of the information or data contained in such external sources. Editorials under the Vantage Point vertical do not reflect the views of RealVantage, in part, or in its entirety.
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