WATCH: March 25, 2022 Whitsunday Weekly E-News

Hi, I’m Annette Neil from PRD Whitsunday.

This week, I've read a fascinating report from CoreLogic about the six significant effects on the property market due to COVID-19 over the last two years.
COVID-19 has had a remarkable impact on the property market nationally. Running through what those six things were, that CoreLogic named.

• Number one, we saw a 25% increase in the values of properties nationwide over that time period. There was a slight dip initially when COVID-19 was first around, and then they just soared. It will be interesting to see what happens in the next 12 months with prices and if they stay at those levels or if we may see some softening with potential world wars and things like that.
  
• Number two, we also saw first home buyer spending increase massively. Of course, no surprise there as it is very much driven by the home builder grant, and many first home buyers getting  a foot into the market with it.
  
• Thirds, Rents were up 11.8, so huge increases in rents. I'm sure, across the country, particularly here in the coastal fringe of Queensland, is aware that we've got quite a housing crisis when it does come to rental properties. The Whitsunday regional council has announced today that they are joining with the state government and federal government at a bit of a rental forum symposium to try and work out the way forward for the crisis. Personally, I don't know what will come of that later this year. It could be a little too late because the crisis is here now. We do need to have some immediate assistance regarding increased numbers of housing for people.
  
• Fourth, we also saw household debt levels rise to record highs. With price increases of 25% for a property, that's perhaps seen a lot of increases in debt for people to get into a property, spending more than they probably would have previously.
  
• House price premium compared to units is the fifth thing that CoreLogic noted. That is the premium that you will pay for a house in a specific area when you reach a unit in the same area. That gap has gotten a lot larger.
  
• Lastly, we saw the rise of the region. It's no surprise there. Why wouldn't you want to be here in the Whitsundays?
  We saw massive migration from the capital cities to more regional or smaller town living. We’re still seeing that here on the ground. Why wouldn't we want to be here!?