July 2013 – Sign of the Times
Election Fever Hits The Property Market
As soon as there’s an election on the horizon, almost every business seems to stop. Many people seem to freeze their spending, sticking to buying just essential items – take a look at the retail sector which is currently offering massive discount sales to encourage people part with their hard-earned dollars. People are hanging on to what they’ve got, including their property, as they wait to see what will happen in Canberra in a few weeks’ time.
Consequently, there is a distinct lack of property currently available on the market in our area.
“Despite the general trend of people not spending, we’re still getting requests from people wanting to buy property,” says Fred Andriessen Principal Professionals Fred Andriessen.
“Buyers are still out there and want to take advantage of the low interest rates. Plus there are some great mortgage deals to be had at the moment”.
Fred highlights it’s not just first-home buyers or investors wanting to make a purchase. “People are looking at every type of property – from large, spacious 4-bedroom houses to small compact 2-bedroom city units,” he explains.
“The problem we’re experiencing is, at the moment, there are simply not enough properties available to meet the demand.
As a result, properties which are on the market are generally selling relatively quickly and at good prices.
“We’ve regularly been seeing properties being pushed up to $20,000 and some properties have been pushed up to $25,000 more than the asking price,” says Fred. We believe if a few people release their properties now, they would get a super price, simply due to scarcity of choice in the current market.
“Some may choose to hold out until after the election, but there’s no telling what will happen to the market then,” he adds.
So if you’re thinking of upgrade to a larger property, or down-sized property, now could be the time you’ll get the best price.
“Why spend another six months living in totally unsuitable accommodation?” Fred concludes.