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Beyond COVID: What you need to know about the property market

Ask the Experts-Beyond COVID–the economic impact and safeguarding your financial wellbeing-feature

In our third Ask the Experts webinar, we brought together leading specialists in property to discuss one of the most frequently asked questions in 2020 – what will the property market look like beyond COVID.

You can view the webinar here.

Hosted by media personality and mental health advocate Brad McEwan, our highly experienced and credentialed panel comprised Channel Nine’s The Block and SkyNews property expert Nicole Jacobs, REIV’s Senior Vice President Adam Docking, and Tribeca’s lending specialist Jason Kloszynski.

Here’s a snapshot of the key takeaways from our experts.

We’re starting to see a lot of people making quick decisions to purchase. Pre-COVID they had decided to buy in 2020, and now coming out of restrictions that are still determined to buy in 2020. This has created a bit of FOMO (Fear Of Missing Out) in certain pockets of the market which is driving their decision, rather than waiting for the right property to come along.

I have a firm belief that you make your money when you buy, not when you sell, so you’ve got to buy well.

That’s why there’s merit in getting a buyers advocate but they’ve got to be good. Just like choosing a selling agent, you have to interview well to choose your buyers advocate. Speak to them about what their experience is, what do they give you such as reports, what’s their process. You have to trust them and they have to trust you.

Limited supply and high demand has created a boom in the property market at the moment, and we’d expect this to remain strong even through the Christmas period which is traditionally a bit quieter.

The important thing is not to speculate too much and try to pick where the market is going. Do your due diligence and what’s right for you and buy what’s right for you. Whether that’s an investment property to put a tenant in or a family home.

Real estate agents are there to help you – we’re in the service industry. So pick up the phone; send us an email. Don’t be afraid to ring an estate agent and ask a question to get some assistance. You want to make sure that when you’re ready to buy, you have all the ammunition you need to make the best decision possible.

With the latest interest rate cuts, nothing much has changed with variable rates, more of a price realignment for some of the banks. Where we have seen a lot of movement is fixed rates, where some banks have actually passed on more than the cash rate announcement. 

So the first thing to do following this webinar is to check your rate. And then qualify this rate with a trusted broker to make sure that it’s working for you, such as is it competitive and are you happy with the relationship with your current lender.

Don’t walk into one of the Big Four Banks and assume that the rate they’re giving you is the most competitive on the market. There’s a very big market out there and lot’s of sources of funding and you really need to engage a broker who can work through all of this without making it confusing.

And don’t always chase the cheapest, as cheapest can often lock you in to something that doesn’t actually give you what you need.

Thanks to Brad and our panel of experts for providing such an engaging and insightful discussion. If you have any questions or comments arising from the webinar we’d love to hear from you. Please send us an email at advice@tribecafinancial.com.au

Our previous two Ask the Expert Webinars were also must-watch viewing.

Our first webinar focused around the importance of talking about and addressing our emotional and financial wellbeing, and our second looked at the economic impact of COVID and what steps we can take to safeguard our financial future.

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