More than 70% of investors say it is a good time to buy residential property, according to a joint survey by the Property Investment Professionals of Australia (PIPA) and the Property Investors Council of Australia (PICA).

The survey also found that the pandemic had not changed the investment intentions of 80% of investors over the next six months to a year.

“Nearly 60% of respondents indicated that the pandemic had not made them change their investment plans over the next six months, with a further 18% saying the crisis had actually made it more likely they would purchase a property over that time frame,” says PIPA chairman Peter Koulizos.

“The survey results also showed about 30% of investors were more likely to buy a property in the next six to 12 months because of the pandemic.”

Koulizos credits the optimistic tone to low interest rates and the historically resilient nature of property during turbulent times.

PICA chairman Ben Kingsley says 5% of respondents indicated the crisis had made it more likely that they would sell a property over the next six to 12 months.

“What’s more telling is that more than 30% said they were less likely to sell over the same period because of the pandemic, with 63% indicating no change at all to their plans,” says Kingsley.

“Most investors also indicated that they had the financial buffers to see them through the current economic uncertainty.”

Money Magazine, National, Page 17, July 2020