In the second instalment of a three-part series, we have asked some of our top brokers from around the country in January 2012, their predictions for the coming year in their local areas.
Tessa Vaitohi, owner of Aussie Shepparton
The last two interest rate drops saw a little movement in the market here. Local retailers have mentioned that they had a ‘good’ December even though it was not as good as previous years. Given this and that the building industry is a bit slow there maybe another drop around the corner. However I don’t think it will continue to keep on dropping.
In terms of the property market, in Shepparton it is a great time to get yourself a bargain as there are more properties on the market than buyers. However that is a short-term thing as people have started to buy now. So the “lull” won’t last forever.
In terms of clients wanting finance we have had a lot of inquires from people who are looking to buy now, so I feel things will pick up.
Also you can’t really loose when you invest in bricks and mortar. It’s a long term thing. With the ever decreasing of available land and the demand housing on the rise with the increase on migrants and our population, needless to say property it is going to be a valuable commodity!
Australian Capital Territory
Scott Bolton, owner of Aussie Manuka
The interest rates could drop 0.25 per cent in February, if so the RBA will sit tight in March to see the implications. Or, we might see another drop in April.
I believe fixed will most likely stay as they are, as they are already at very low rates.
The Canberra market is over stocked with product, so the smart buyer will do their homework on the location, the price and the reason why the property is being sold, as they make that offer.
I would look at suburbs such as Harris, Forde, Weston and Narrunbundah.
The agents are pushing the auction sales process but in this market the sales process “offers above” are the smart manner to go.
So the smart buyer is seeing an Aussie broker to gather not only good loan products and options. But that buyer is becoming savvy in gaining the advantage in market data by seeing an Aussie broker whom is able to advise RP data.
Gaining this knowledge in this situation is saving the smart buyer dollars in the current market.