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ISCOVER
Kate Miller
The industry is preparing for the market to move up a gear as the spring selling season approaches.
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Based on historical data, residential real estate activity typically increases in spring and despite a tepid winter season and an uncertain political environment, the industry is expecting 2010 to be no different.
“According to RP Data, seasonally, Australia typically sees higher than average property activity from September through to November,” Mortgage Choice spokesperson Kristy Sheppard said.
“This year should be no exception despite a possible lag effect from the hung parliament.”
Ms Sheppard said there were already more properties on the market than usual at this time of year, which was good news for prospective investors.
In addition, she said, property prices had plateaued in many areas and dropped in others, while rental prices had increased.
The Real Estate Buyers Agents Association of Australia (REBAA) also expects market activity to increase in coming weeks.
“The hung parliament will no doubt postpone the start of the season but we are predicting good stock levels throughout the coming months after a delay by vendors to list due to the election,” REBAA president Byron Rose said.
According to REBAA state representatives South Australia represented a strong investment choice for buyers.
“With rental demand high, low vacancy rates, affordable prices, a sound economy with a great forecast… South Australia [is] the ideal market to buy this spring,” REBAA South Australia representative Chris Waterman said.
Activity was also expected to be strong in Tasmania while Sydney and Melbourne were expecting steady but relatively subdued activity.
