National Head of Research at Oliver Hume, George Bougias, has shared his predictions for the Australian property market in an interview with Capstone Property.
Mr Bougias said that during the COVID-19 pandemic, the property market has been significantly impacted by record low interest rates, working from home and government support, especially the HomeBuilder incentive.
“We also saw many people transacting property through online platforms, such as our own proprietary platform, which was quite new for the sector,” Mr Bougias added.
On the topic of technology, the property economist stressed how it “removes many unknowns, makes it easier overall and enables many buyers to secure a property without the need to travel.”
“This shift to purchasing property online, in some cases sight unseen, is here to stay,” Mr Bougias said.
“People can choose a block of land and transact everything online. This is a big opportunity for buyers to transact quickly and seamlessly – you can, effectively, secure property in a few clicks of the mouse.
“It’s an exciting time.”
Source: Capstone Property.