Why February and March are looking so positive
Every so often we see a property market where several different factors come together at one point in time to create a set of circumstances that add up to what can only be called ‘a great time to be active in the property market’. It might surprise some people given the negative reporting in some sections of the media, but it is our opinion that this February & March are looking very much like one of those times.
One of the reasons the next two months are looking so good for the property market in the inner-north relate to something as simple as the calendar. If you take a look, apart from the Labour Day weekend in March, any aspiring property sellers will be able to plan a virtually uninterrupted sales campaign throughout February & March. The only catch is that once we hit April, you will have the next school holidays, the Easter break and in all probability the Federal election occurring in rapid succession. So, if you’re going to make a move, the sooner you act the better.
A second reason for our bullish outlook comes from the buyers themselves. Our Open Houses this week have not only attracted some very impressive numbers of inspections, but the feedback from buyers has also been extremely positive. There is no doubt that the level of buyer confidence has increased so far in 2019 in comparison with last year, particularly among the first home buyer demographic, so seem to feel that now is definitely the time to buy. As we all know, if demand steps up in this segment of the market, it will inevitably flow through the rest of the market as those vendors who sell to first home buyers become second home buyers, and so on up the price ladder.
Last, but not least, we are seeing increased awareness within the media and the market as a whole, that the Reserve Bank of Australia is coming under increased pressure to lower official interest rates. The release this week of the Consumer Price Index for the last quarter of 2018 confirmed that 15 of the last 17 quarters have recorded a CPI figure below the RBA’s annual target range of 2 to 3 percent. Whilst a move is unlikely to be made this month, financial markets are becoming increasingly confident that we will see a cut at some point this year, which can only increase confidence among buyers in the near future.
As we mentioned above, this window of opportunity may only be open during February & March, particularly as the scare-mongering is likely to step up a gear as we get closer to the election. So if you would like an update on how much your property could achieve in the current market, or you like some tips on how best to prepare your property for the market, don’t hesitate to give us a call at Barry Plant Preston.
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