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The residential market, flat for months, has not been favourable to brokers. But spring, traditionally the hottest selling season, is now upon us, so this month we ask...Do you expect property market activity to pick up during the spring selling season?
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ADAM KING, Queensland Property Finance
I would have thought so. Just looking at our enquiry levels over the past couple of months, things are really starting to pick up and gather pace. Judging by the number of enquiries coming through, I would say the spring selling season looks promising. New enquiries have been consistent, while those from existing clients have seen a steady increase since February and increased significantly in the past month or two.
CHARLES TARBEY, Century 21, Australian chairman
I don’t think the market will be any different to what it is right now. There are a lot of people out there looking to buy real estate at the moment, but the issue is the agents haven’t been able to get sellers and buyers to meet each other’s expectations. A shift in interest rates or stability in rates would certainly be a momentum changer, but I do not expect any major changes to occur during the spring period.
SEAN BEAVIS, Aussie
We have seen an increase in application volumes... and a similar increase in terms of buyers exchanging on properties. We have attributed this to borrowers’ feeling more confident that interest rates will not rise in the near future. The same events seem to have fuelled vendors’ concerns about possible further softening in the market. Therefore they seem to have been more willing to negotiate.
KYLIE RAVENS, Stakks Finance
Absolutely! The sun will be shining, the days warmer and people will generally feel happier and motivated to do something. Whether it is clients that want to upgrade, buy their first home or just refinance, it is a great time of year to do it. With the new financial year underway, people will be feeling more certain of their capabilities and are planning for the next step.
CAMERON KUSHER, RP Data
Spring is probably going to be a little bit quiet this year. Obviously, listings are at fairly high levels but property value growth just isn’t there at the moment. In Sydney and Canberra, values are still increasing annually but generally the market is fairly flat, there’s a lot of stock, and consumer confidence and retail spending are low. If people aren’t spending in shops, what’s the likelihood of them spending a few hundred thousand dollars?
