Happy St Patrick’s Day lads and lasses!

 

For over 200 years on this day, St Paddy’s has been celebrated on Australian soil.

At first Irish convicts made up the entirety of the rowdy hoards that gathered on March 17th, but the colonial elite would soon adopt the day as an occasion marked by formal dinners and respectful celebrations. St Patrick’s Day would quickly become a day for all, even those with no Irish connections.

Much like it still is today!

By the beginning of the 20th Century, St Patrick’s Day had grown to warrant parades being held in both capital cities and some rural centres. People came together to show support for Irish political causes and to express their connection to an Irish Catholic past.

Now the day is synonymous with drinking excessive amounts of green beer, comical green hats and the Sydney opera house turning green.

Although there have been cases where due to other religious holy days, St Patrick’s day has had to be temporarily postponed or moved to an alternate date, never since its arrival to Australia have public celebrations of the day been cancelled! Until COVID-19…

Following an announcement made last Friday the 13th by our Prime Minister Scott Morrison, all non-essential gatherings of more than 500 people would be suspended as of Monday. Although St Patricks Day Parade was to be held on Saturday, the event was still cancelled.

Joining St Paddy’s on the list of cancelled events in Brisbane is the popular Eat Street Markets, multiple concerts and the state’s largest cultural festival attracting over 60,000 people, Paniyiri.

Surprisingly, despite keeping universities, schools, shopping centres and public transport networks open, the GAMSAT test, just eight days out the one of only two admission tests conducted each year, was announced postponed until further notice.

Whether you’ve been prepping for self-isolation for weeks or dismissing the virus as mass media hysteria, there’s no denying that COVID-19 is infiltrating all our lives on some level. Be it the endless Facebook TP memes, the hourly news media updates, the worldwide shortages on household staples or the restrictions put on our travel and social lives.

I’m sure you’re wondering when and will we ever see the COVID-19 flood gates spill open into our housing market? Well here are what a few of the experts are saying.

According to one expert, the countries anxiety surrounding the current situation has yet to really impact the residential property market. Economist Maree Killroy, from BIS Oxford Economics said “While COVID-19 has increased downside risk for the economy as a whole, including the housing market, any impact on building approvals is likely to fall more into the second half of 2020.”

Domain economist Trent Wiltshire reported last month that he thought COVID-19 could have consequences for Australia’s economy, but that the effects would only be seen in the short term and would be unlikely to cause a lasting impact on the market.

There you have it! The good news is that the experts don’t seem to think the virus will have a big effect and that if it does, it won’t last long.

So, in the meantime paint those bunkers green, hide your TP stash, invite 499 or less of your closest friends around (provided no runny noses) and have yourself a fantastic isolated St Patricks day!

For further reading and a more in depth understanding of the current QLD market amidst COVID-19 I’d recommend beginning with the following links:

https://www.realestate.com.au/news/no-price-drop-business-as-usual/

https://www.yourinvestmentpropertymag.com.au/news/will-coronavirus-impact-property-prices-270008.aspx

https://www.realestate.com.au/news/coronavirus-how-a-covid19-outbreak-in-australia-could-impact-the-property-market/