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Along with my favourite café, restaurant and beach, now open homes are shut for the predictable future. Unless you can meet criteria that extends to you being a genuine finance approved buyer, solemnly swear to not touch anything, are in good health and of course not shaking the agent’s hand, the days of property viewing as a sport is a little difficult at the moment. With the established property doors closing on people’s faces we are seeing a marked increase in the enquiry for new builds. It makes sense, right? We are in a collective stay home order but that doesn’t mean you can’t plant a seed for your financial gain. With all your new spare time you can make some inroads to your future. Take for example the following things you would probably avoid doing on a sunny Saturday: • Get up to date with your tax returns • Review your financials• Get onto your broker  • Find out what you can potentially borrow • Start the online search This is the time to absolutely shine on your new property search. Even if purchasing is not an option imminently you can discover what changes you need to make in order to borrow funds to proceed. If you need to get rid of a credit card or a car loan, then focus your attention to this. Set up a plan, a real strategy, with goal dates and realistic monetary benchmarks to achieve this. Get details at: x Is buying new the right move in 2020? A perspectiv... OPINION:
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Despite claims of up to 30 per cent decreases in property values, Real Estate Institute of New South Wales (REINSW) president Leanne Pilkington said investors would be better off looking at the data instead of the doom-and-gloom headlines. Ms Pilkington further argued that a lack of sellers is helping keep the value of properties higher. At the end of the day, property is a long-term asset, which means that it does not have the same volatility that the share market has. More importantly, property puts a roof over heads. As it delivers one of the most basic human necessities, it’s become one of the first things that people buy and the last that they sell, Ms Pilkington highlighted. Further, with the COVID-19 crisis prompting the closure of borders, new overseas arrivals would be limited, curtailing the largest source of population growth. As a result, demand for housing will be further hindered. “The moral of the story is don’t panic. Property has shown its resilience through economic shocks before, and we have no reason to expect it won’t do so again,” he said. Australia stands as one of the very few countries that have a balanced budget. Further, the country also records the lowest government debt in the world, which should provide investors with some comfort that the country is in a strong position to cushion the impact of the COVID-19 outbreak. Property values SQM Research’s monthly report showed the combined capital asking prices increased by 0.7 per cent for houses and 0.1 per cent for units over the month to 5 May 2020. Despite the positive figures and sentiment in the market, CommBank assumes an 11 per cent reduction in the prices of residential property nationally due to the pandemic, while a prolonged shutdown and a worsening economic climate would see falls nearly trip to 32 per cent. In a statement made to the ASX, CBA announced it had set aside $1.5 billion to cover potential losses from the COVID-19 recession, taking its total provisions for bad and doubtful debts to $6.4 billion. “Today’s announcement of an additional credit provision of $1.5 billion for the potential longer-term impacts of COVID-19 further reinforces our already-strong balance sheet settings,” CBA chief executive Matt Comyn said in a statement. Visit the given link for reading full details:  x Property market update: Sydney, May 2020 As the world continues to face the effects of the COVID-19 pandemic, how will the Sydney property market move to recover over the long-term?
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