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Much of Australia’s economy is being kept on temporary life support either through the federal government’s Job Keeper and Job Seeker schemes or through loan repayment relief from the banks.
The coronavirus has really played havoc with our economy, with our lives, and with our property market.
In fact, Melbourne, which has often been hailed as the world’s most livable city, is currently going through a crisis and is in lockdown.
No matter where you are, your economy, your lifestyle, and what’s going to happen next is going to be affected by what’s happening in Victoria.
So what do we have to do differently in this environment?
You may not be able to stop the waves, but you can learn how to surf them.
Today, in two separate sessions, I want to share with you the property investment rules that you need to keep in mind in these trouble times, and some things that you’ll need to change in order to be more successful in a post-COVID world.
How will the property market change post-COVID?
COVID-19 has changed the world immeasurably, and in some ways, forever.
The pandemic has exposed weaknesses in our employment and housing markets, and we’re not likely to forget them any time soon.
In the wake of COVID, priorities are likely to change, and these changes will be reflected both in our property markets and in the way we live.
When it comes to properties, buyers will be looking for properties with pandemic appeal and will be willing to pay a little more for those properties.
What constitutes pandemic appeal?
Consider that high rise apartments are full of the very things that we want to avoid during a pandemic – elevators, buttons, shared doors, close proximity to neighbors.
And if you’re quarantining in a high rise apartment, you may be stuck indoors, without access to a private balcony or backyard that you can enjoy while maintaining social isolation.
This means that these types of apartments are likely to fall out of favor, and we’ll see increased demand for standalone houses and the types of apartments that used to be called flats – the kinds of places that give you access to private entrances, that aren’t too close to the neighbors, that offer balconies or outdoor spaces that you could use while isolating.
Open floor plans might also fall out of favour.
Instead, buyers will be looking for homes with better home office facilities and separate spaces, so that they can work from home and still separate work and living spaces.
What will you need to change to be more successful post-COVID?
If you’re interested in property investment, it’s probably because you’re interested in changing your level of wealth. But most property investors won’t be able to change their level of wealth until they make changes in and of themselves.
Some of us love change and some of us hate it.
Change is hard because, in order to change, you have to move out of your comfort zone, and that’s scary but necessary.
Because when it comes to creating wealth, it isn’t what we know that holds us back, it’s what we think we know that isn’t so.
The thing that holds most of us back is our wealth operating system.
That’s our financial blueprint, the programming that we received as children.
In order to change it, you have to begin by changing your thoughts about wealth.
Remember, your thoughts lead to your actions, and your actions inform your results.
Wealth is a result. You won’t achieve it until your actions change, and you won’t take the actions that result in wealth until you change your thoughts.
Some of our favourite quotes from the show:
“If you’re looking to buy a new property, you’re going to have to look at things differently.” –Michael Yardney
“It takes courage to leave something familiar, something you’re comfortable with, and try something new.” –Michael Yardney
“It’s no coincidence that your inner world creates your outer world.” –Michael Yardney
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