Real estate ‘hot’ property despite pandemic uncertainty

Across Australia, there is arguably more COVID-19 uncertainty than ever before as the country moves towards an open economy with the virus in the community. Despite all the uncertainty, property and real estate continues to boom across western Victoria, at unprecedented levels. Monaghan’s Real Estate owner Terry Monaghan said the property market in Stawell is ‘hot’ despite all that is happening in the world and said he doesn’t see it slowing down any time soon. “I have never seen it like this,” he said. “I have seen good times, but I have never seen a market that is so rapidly changing. “There is demand for property anywhere. North, east, south, west of Stawell, it just doesn’t matter. READ MORE: “We still don’t have a lot of choice for purchase in the area, which is driving this rush on the market and enormous demand.” Mr Monaghan said low interest rates and a low supply of homes in the area were driving up the region’s prices. “What would slow it down is a number of houses coming on the market,” he said. “People just aren’t doing that, though because the value has gone up, they have more equity. “So if their present house doesn’t suit them, then they might just borrow against that present value to improve it. “With the interest rates so low, why wouldn’t you go to the bank and borrow some more to do up the bathroom or the kitchen. “I really can’t see the supply chain improving because you are relying on big changes for people to need to put their homes on the market. “We would need 50 houses to come on the market in two weeks to slow it all down, and that is just not going to happen. “What would change it would be a big subdivision which would allow people to buy blocks and build houses and that would increase supply and decrease demand.” Competition in the market is fierce, but Monaghan said those interested in breaking in need to be prepared and organised to make the leap. OTHER NEWS: “You just have to be ready and have everything organised to jump on something that you like,” he said. “Two years ago when you had ultra cheap homes with good real estate for around $200,000, they are gone, those days are gone. “People are eager to get to the country, and because they can’t come and have a look around, they aren’t even coming to look they are buying from the internet, which is a bit different. “For a younger person, my advice would be to see the bank, get your deposit get everything ready, and as soon as a property comes on the market, you can go for it. “The beauty of you, as local people, is that you can actually see the property compared to metropolitan buyers at the moment. “I am finding banks are a little bit more receptive and not quite as hard as they were, and that seems to be making it a little bit easier for people. “It is great if you have your name on a title and you own something because the value of your property has doubled in the last three years, but if you haven’t got your name on a title you need to because I can’t see this changing.” If you can see this message, you are a loyal digital subscriber to The Stawell Times-News, as we made this story available only to subscribers. Thank you very much for your support and for allowing us to continue telling Stawell’s story. We appreciate your support of journalism in our great town.

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Across Australia, there is arguably more COVID-19 uncertainty than ever before as the country moves towards an open economy with the virus in the community.

Despite all the uncertainty, property and real estate continues to boom across western Victoria, at unprecedented levels.

Monaghan’s Real Estate owner Terry Monaghan said the property market in Stawell is ‘hot’ despite all that is happening in the world and said he doesn’t see it slowing down any time soon.

“I have never seen it like this,” he said.

“I have seen good times, but I have never seen a market that is so rapidly changing.

“There is demand for property anywhere. North, east, south, west of Stawell, it just doesn’t matter.

“We still don’t have a lot of choice for purchase in the area, which is driving this rush on the market and enormous demand.”

Mr Monaghan said low interest rates and a low supply of homes in the area were driving up the region’s prices.

“What would slow it down is a number of houses coming on the market,” he said.

“People just aren’t doing that, though because the value has gone up, they have more equity.

“So if their present house doesn’t suit them, then they might just borrow against that present value to improve it.

“With the interest rates so low, why wouldn’t you go to the bank and borrow some more to do up the bathroom or the kitchen.

“I really can’t see the supply chain improving because you are relying on big changes for people to need to put their homes on the market.

“We would need 50 houses to come on the market in two weeks to slow it all down, and that is just not going to happen.

“What would change it would be a big subdivision which would allow people to buy blocks and build houses and that would increase supply and decrease demand.”

Competition in the market is fierce, but Monaghan said those interested in breaking in need to be prepared and organised to make the leap.

“You just have to be ready and have everything organised to jump on something that you like,” he said.

“Two years ago when you had ultra cheap homes with good real estate for around $200,000, they are gone, those days are gone.

“People are eager to get to the country, and because they can’t come and have a look around, they aren’t even coming to look they are buying from the internet, which is a bit different.

“For a younger person, my advice would be to see the bank, get your deposit get everything ready, and as soon as a property comes on the market, you can go for it.

“The beauty of you, as local people, is that you can actually see the property compared to metropolitan buyers at the moment.

“I am finding banks are a little bit more receptive and not quite as hard as they were, and that seems to be making it a little bit easier for people.

“It is great if you have your name on a title and you own something because the value of your property has doubled in the last three years, but if you haven’t got your name on a title you need to because I can’t see this changing.”

If you can see this message, you are a loyal digital subscriber to The Stawell Times-News, as we made this story available only to subscribers. Thank you very much for your support and for allowing us to continue telling Stawell’s story. We appreciate your support of journalism in our great town.

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