VIVA: Property market during COVID-19

Retiree plans for housing and accommodation have shifted with the pandemic’s social restrictions and resulting changes in the property market. How will the property market look for retirees and others throughout – and after – the pandemic?

Rural lifestyle Source: Getty Images/Cavan Images

COVID-19 has somewhat become a game changer for retirees when it comes to choosing housing, says a recent survey of nearly 500 retirees conducted by retirement property portal Downsizing.com.au. 

The same survey also showed that compared to last year, where 15 per cent of respondents wanted to move out of crowded city environments, 18 per cent are now more likely to make the shift.

Retirement village Being social at retirement home Source: Getty Images/Yoshiyoshi Hirokawa

While Australia’s first recession in almost three decades has put many renters under financial stress, things have not been as bad as earlier forecasts for retirees who own an investment property. 

With banks allowing mortgage deferrals and offering low interest rates, White says now is a good time to sell as there may be more stock available to push prices down after Job Keeper runs out next year.

For sale Source: Getty Images

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