The Australian economy is in a strong position for recovery thanks to the stimulus packages recently implemented by the Federal Government. Experts predict that an upturn in property markets will mark the turning point.
A report by PRD Nationwide looked at all G20 nations and their packages designed to bolster economies and jobs.Per capita Australia ranked second, behind Germany, as being the best placed nation to ride out the economic downturn, while as a percentage of GDP it ranked third, surpassed only by Germany and Japan. Simon Pressley, the head of buying agency Propertyology, says: “A strong property market will again lead Australia out of this latest coronavirus health crisis, potentially starting as soon as six months’ time.”
He says that because credit policies in Australia were so tight, the quality of loans approved in the past few years was “exceptionally high”. This will greatly minimise the need for distressed residential property sales, he says.