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A majority of brokers are confident that they will see an increase in business activity after the Federal Election later this year.
According to preliminary results from The Adviser’s latest straw poll, more than 80 per cent of brokers do expect to see an upswing in activity after the election, while just 19.4 per cent said they did not expect activity to increase later this year.
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RP Data’s chief executive Graham Mirabito said he agreed that activity will pick up after the election – if only by a modest amount.
“Australia’s property market traditionally hits its peak in both September and March and, considering the election is scheduled for September, I do expect activity to pick up,” he said.
“Moreover, I expect October and November to augur well because people will be more certain about what they are in for. With that in mind, I think we will see a modest return in activity happening in the market.
“Australians respond to certainty. Uncertainty restricts confidence and, in turn, activity.”
Mr Mirabito’s comments were largely echoed by National Mortgage Brokers’ managing director Gerald Foley who believes people went into “election mode” when the election was called earlier this year.
“I think when the election was called earlier this year, people went to election mode. They put the brakes on and have decided to wait and see what the outcome of the election will be,” he said.
“While not everyone is happy to wait, given that the election is still some months away, I do expect to see a pick-up in buying activity at the end of the year, once the unknown has been finalised.”
“I expect the last two months of 2013 to be cracking.”
