How can we be sure of the future??
In the business of real estate we are finding lots of uncertainty both from tenants and landlords. We are speaking with people daily, who are thinking of going back to their home country for professional or personal reasons, however their concerns, certainly for Australian expats, is when they can get back to Vietnam?
We have seen a drizzle of experts coming in from Japan, however their Covid numbers are fluctuating. We are finding that many tenants, if staying and seeing it out, are downsizing to a cheaper or smaller apartment. What this is doing is making the larger 3 bedroom and executive style apartments become available and some landlords are willing to negotiate, not only to keep an existing tenant but also to lure a new tenant. We have also seen an influx of 2 year leases as people seek to lock in a great rate, the landlord also wins as they have a good tenant and that 2 year occupancy of their property.
The biggest thing for everyone is the uncertainty, nobody knows how the vaccines will perform, when the planes will be back in the sky, when the borders will re open?
Until then we live in the uncertain future which makes people nervous, not only professionaly but also personally on what they want to do and where they want to go, both vacation wise and a permanent residence.
I have had friends recently renew a lease, also one friend vacate and move further out of the city, I have just renewed my lease for longer than 12 months too.
Whichever direction you choose, be it a smaller downsize or a larger upsize there are bargains to be had so do your research and get an agent that will help your needs and requirements.
Jimmy Macpherson is a Director of Gold Star Living Company Limited