Bianca Dabu 05 November 2020
After over three decades of continuous economic growth, 2020 saw Australia’s national economy weaken as the country deals with the effects of the pandemic.
Still, home owners and investors alike have retained their enthusiasm for the brick and mortar, according to a recent report by McGrath Estate Agents, who described the phenomenon as having “converted homes and investment temporarily from gold mines to safe houses, providing flexibility to help owners navigate a tough economy ahead”.
According to McGrath, since the onset of the virus, some owners such as Generation X have been refinancing to withdraw equity, taking advantage of the lowest interest rates in history to renovate their homes and upgrade their lifestyles.