Samuel Becket’s classic play “Waiting for Godot” tells the story of Vladimir and Estragon, two men who meet on a barren road under a leafless tree. They have a variety of different conversations and interactions with strangers, all while waiting for the mysterious Godot, who’s meant to bring all the answers to life. But despite their patience, Godot never arrives.
Anyone trying to predict which way the property market is going to go, waiting for the right moment to act, may well be feeling a little like these two friends right now. If you’re following the news, you’ll see almost daily stories predicting doom and gloom ahead. Just this week, a news.com.au story compared our high debt levels to the pre-GFC American housing bubble, painting a very concerning picture of what could be in store for Australia.
But on the other hand, journalists will also detail how the fundamentals are incredibly strong, at least in Brisbane – record low interest rates, relatively low unemployment and a combination of strong buyer demand and lower stock levels year on year, both of which are creating incredible competition and shortening the average time it takes to sell.
Perhaps most importantly, Australia has largely escaped the chaos that’s continuing to occur globally as Covid-19 infections and mortalities continue to spiral ever higher. Perceived as a safe haven, the Sunshine State in particular is continuing to benefit from both strong interstate migration and a surge of activity from interstate property investors. Once international borders open, we are almost certain to be inundated with people wanting to move to Australia permanently, driving further demand for local property.
Of course, while this outcome is becoming more and more likely, any predictions are pure speculation at this point. No-one really knows what’s around the corner – 2020 has surely taught us all that!
Rather than trying to predict the unpredictable, we’d counsel avoiding the paralysis that often comes with overthinking the range of things that might happen. For anyone who has a compelling reason to buy or sell, conditions are ripe for both sides right now, a relatively rare occurrence and one that should bring encouragement to act. With the end of the year just around the corner, there’s still ample time to finalise a sale pre-Christmas.
The other alternative is patiently waiting for some sort of perfect moment that ultimately, may never arrive.
All the best