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The vast majority of brokers feel positively about the property market and the subsequent outcomes for their business in 2020, new research has found.
Online mortgage marketplace HashChing has released its monthly broker survey, which has found that 89 per cent of surveyed brokers feel “optimistic” about the housing market and the resulting business outcomes for brokers.
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Additionally, the survey revealed that 75 per cent of respondents were happy with the interventions made by the Reserve Bank of Australia in order to reduce interest rates and stimulate the housing market throughout 2019.
While the majority of brokers (70 per cent) found that their customers are becoming more knowledgeable about the state of the property market, many had some reservations about the information customers are exposed to via the media.
The results showed that 85 per cent of brokers feel underrepresented or misrepresented in the media, while many (70 per cent) also feel the media fails to portray an accurate view of the property market.
HashChing CEO Arun Maharaj said that with the Australian housing market continuing to show signs of renewal, brokers were “understandably optimistic”.
“With interest rates remaining low, and housing prices looking set to increase in response to a combination of this and other macroeconomic factors, it’s not surprising to see that brokers are looking forward to the year ahead.”
The results pertaining to how brokers perceive the representation of themselves and the property market in the media came as “somewhat of a surprise” to Mr Maharaj.
“For now, we’d speculate this divide probably stems from the media’s focus on the extremes of the market – be that struggling first home buyers or extravagant mansions on The Block,” he said.
“The crucial role of the mortgage broker in making these deals possible is also not often highlighted.”
Mr Maharaj concluded: “The majority of brokers did however say that customers are generally becoming more knowledgeable of the property market, which in some ways could be attributed to what they’ve read in the media, and the ever-growing importance of property in the lives of everyday Australians.”
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[Related: HashChing revamps offering, completes capital raise]
