It’s safe to say nobody was prepared for the major disruptions caused by the COVID-19 outbreak. All of a sudden shops shut their doors, going outside became a luxury and all our plans for travel and socialising were put on hold.
Many property auctions were postponed as well, after changes to the way real estate agents are allowed to operate.
It has been a big period of adjustment. However, after the initial stress and confusion, it’s time to figure out what to do next and how to prepare for the time when restrictions are lifted.
Mosman property during COVID-19
If you own a home in Mosman and had decided 2020 was the year to sell, you don’t need to lose heart. It is still possible to sell and there are still buyers out there.
There are two big reasons why buyers are still interested, even during the current conditions.
Firstly, the Australian dollar has dropped. This is not so good if your main business is importing, however property buyers and investors in the USA, Europe and China are well aware of the opportunity presented to them right now.
With the Australian dollar being so low, luxury Mosman property has become more affordable for overseas buyers. Those with generous budgets who have been thinking of making a move will be prompted to act quickly so they can take advantage of the exchange rate.
The second reason there is still interest in Mosman property is people looking to switch their assets from cash or the stock market into bricks and mortar. Interest rates are at record lows and the share market is highly unpredictable right now so property is an excellent alternative for anyone who wants to make a strong investment.
Motivated buyers are still incredibly interested in the Mosman area thanks to its beautiful properties, ideal location and prestigious postcode.
Now’s the time to prepare to sell
If you have selling on your mind, this is the time to get all your ‘ducks in a row’.
Have your property valued (valuers are still allowed to visit property as of early April), speak to your real estate agent and give them a walk-through tour on WhatsApp, Skype or Facetime so they can see the features of your home. You could potentially organise an in-person visit from your agent, provided nobody has been unwell recently and you maintain social distancing measures (avoid touching surfaces and stay 1.5 metres apart).
During the slowdown period, it’s a good time to start working on a budget and plan for selling your property. For once there aren’t as many distractions to get in the way of preparation. If you’re stuck at home, you can spend some time decluttering and thinking about the best way to present your home to buyers.
Start doing your preparation work now and you’ll be ready to go as soon as things begin to return to normal.
Will COVID-19 affect Mosman property value?
This is the question on everybody’s lips and it’s not possible to give a one-size-fits all answer.
As mentioned, interest rates, the current exchange rate and a refreshed interest in property from many investors are variables which are highly likely to keep prices from going into freefall.
It’s also worth noting that 2019 saw outstanding prices in the Mosman property market for both homes and apartments, and even some records. This was at a time when many areas around the country saw a dip in home value. So even if prices aren’t at their absolute peak, we can forecast from previous data that Mosman is unlikely to be dramatically impacted.
No matter what is going on, Mosman is one of the most sought-after areas to live in Australia. There will always be interest from buyers, especially if you have a well-connected real estate agent with an extensive network.
If you are interested in selling, the best advice is to speak with your agent. Get their take on things as they stand and work on a strategy together.