“I still call Australia home” has never sounded so poignant to all those Australians waiting for flights or for those seeing out the end of their contracts and wanting to visit friends and family! This has not been an easy year, that is for sure. Many Australians who left their home in the hands of a property manager to lease or decided to sell and buy again on their return, find themselves in a situation made more complex by mandatory quarantine.
We have been approached by individuals and companies who wish to support their returning employees to see how we can assist. We certainly have virtual services enabling someone to move ahead with renting or buying a property, even though they are in quarantine. We can even arrange for furniture to be in place while waiting for shipments to arrive. We can assist with purchasing a car, a bike, toys, groceries...
Those who sold their home are asking whether this is a good time to buy. There are varying schools of thought on this question. A few weeks ago, Shane Oliver, AMP Capital’s chief suggested that economic factors, including high unemployment and the reduction of immigration, would lead to further falls in home prices. Until a safe vaccine is found and trialled, it is unlikely that economic conditions will bounce back as we see some countries suffer a second wave of Covid-19.
Others, however, argue that current conditions are excellent for buying, particularly with advantageous mortgage rates. As with everything, the decision is different in all cases and, in uncertain times, many feel they are better to rent initially and take stock.
For those who know returning Australians, do make sure you welcome them back: the landscape is very different for them now and they may have well made the longest journey of their lives to get home!