The Interesting Facts on How Real Estate is at a 30% High in Australia over COVID

House extensions and first-floor additions are great options for homeowners to consider in order to increase the value of their homes. But there was something else that has significantly impacted the real estate market in recent years: COVID-19. This pandemic offered a boost to the housing market, one that current homeowners greatly benefited from. Reading on, you can learn more about the boost in the Australian real estate market and how COVID impacted this market.

The Boost in House Prices

The incredibly unique circumstances caused by the COVID-19 pandemic created a situation with the housing market. Working from home during the lockdowns have done a couple of things for people. For one thing, people have realized things about their home that they don’t particularly like. They realise the various ways that their home just doesn’t work for them anymore. This causes them to buy their first house to move out of their apartment or to move into a bigger home.

Another reason this happened is that with people realized they can work from home, they don’t have to consider the commute to get to and from work. This allowed them to branch out into areas where they may have wanted to live but couldn’t because it was too far to commute between work and home.

The principle of supply and demand applies here. As more people were trying to buy a home, there were limited options on the market. This made cost of buying a new home more expensive for home buyers.

What This Means

What does this mean? It means that buying a house may not be as affordable as you would hope it would be. If you want to have more space in your home, you may find that buying a house may not be the best option. The best option would be to alter the house that you currently have to make it work for you.

This can give you the extra space that you need in order to function better in your home, while giving you the ability to customize the spaces. Maybe you want a bigger kitchen with a new dining room. Maybe you want to build additional bedrooms and/or office space. You can make your house work for you by building up or building out on your home. By working with a team of professional builders, you can get a space that you are going to love for years to come.

Conclusion

Jakanda PTY LTD wants you to better understand the way that this pandemic has impacted the housing market. Real estate in Australia is at a 30% high, a trend that has greatly benefited homeowners trying to sell their homes. This does cause some issues for those people who are trying to get their first home or a new home. With the housing market the way it is, it may be a better investment to create an extension or addition for your home rather than buy a new one.

 

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