As the warmer weather approaches, we also anticipate the market to heat up again this Spring!
What does this mean?
Once again, property in our capital cities has been performing at different rates (see table below).
- Melbourne has emerged as the hottest real estate market, following closely by Canberra and Sydney. Property prices in Melbourne have jumped 15.9% in the past year!
- Hobart’s property prices are continuing to grow at 6.5%, while Brisbane and Adelaide’s growth is only just ahead of consumer price inflation.
- Perth and Darwin property prices have gone backward 2.1% in the past year – which is an improvement as compared to previous year’s performance.
What can we expect to see?
Supply should start to increase – We have been through a period of relatively low supply with many buyers in the market. This should all change in the months of October and November where should see supply start to increase.
Interest rates – Industry experts are predicting that the cash rate will remain on hold for the rest of the year
First Home Buyers re-emerging – There has been some evidence of first home buyer stamp duty concessions boosting the property market in NSW and Victoria.
What should you do?
Sharpen your skills and capabilities – Work smart – look after your customer, negotiate, influence and nurture to get deals done. Sell yourself as a professional, trusted partner who can help them achieve their dream – to buy their dream home.
Gain expertise in a particular area – For example first home buyer loans and be renown for this
Sell yourself – Work your CRM database – keep in contact with previous customers as their property needs change over time. They might be thinking of upgrading to accommodate for a growing family or downgrading due to changing needs. Your customers might have grown up children that could be in the market for a home. Be at the fore front of their minds always. You can do this through a quick phone call, regular e-newsletters or try advertising on social media – which can potentially also bring you new leads and you will be surprised how easy and cost effective it is!
Use Deposit Power Deposit Guarantees – Deposit Guarantees can help you provide a solution to your customer’s immediate property deposit needs! Give them the power to purchase their property faster.