We surveyed our REBAA state representatives on their property predictions for this spring. Here’s what they had to say:
ACT state representative Claire Corby
REBAA ACT state representative Claire Corby is expecting an influx of properties to be hitting the Canberra market this spring selling season.
“The majority of quality freestanding homes here are sold by auction and agents will be looking to avoid their auction dates falling inside the school holidays when selling,” says Claire.
“We can expect a couple of peak auction weekends in mid-late September before the spring school holidays begin in ACT/NSW.
“With this in mind now is the time to prepare yourself to make a good buying decision before the rise in supply is upon us.
“Spend some time now researching past sale data if you’ve not already done so. Look at properties that have sold over the past six months and really get your eye in for market value. Build your knowledge base now, so that when a good property comes up for sale you’ll know it’s a good buy and can act accordingly.”
NSW state representative Sebastian James
According to REBAA NSW state representative Sebastian James from Hunter James, clearance rates for spring will likely stay in the 50-60% range which falls slightly below the point of balance and highlights a moderate buyers’ market.
“Good quality inner-middle ring blue chip property will hold its value, with prices remaining relatively flat for more average properties,” he says.
“Areas most at risk of softening are in high density brand new developments and to a lesser extent outer ring suburbs which have over performed their neighbours.
“Larger regional centres with strong yield, infrastructure growth and diversity of industry will perform well over spring as those in major cities look to leverage recently acquired equity gains into markets with upside.”
QLD state representative Scott McGeever
The Brisbane Local Government Area (LGA) has seen good growth in most areas through 2018 with expectations this will continue through the traditional spring selling season, anticipates REBAA QLD state representative Scott McGeever from PS Property Advisory.
“Any property that is priced correctly sells well and especially when quality property is priced right there is always competing offers and this will continue,” he says.
“Auctions are certainly more prevalent in Brisbane now and buyers need to have a plan prior to auction and certainly don’t make the auction they are going to bid at the first one they have ever attended.
“Inner Brisbane provides good value for the third largest capital and that will see prices continue to steadily increase as more buyers realise this.”
SA state representative Paul Siwek
Despite winter, the pace of the property market in Adelaide’s inner and middle-ring suburbs is increasing,” says REBAA SA representative Paul Siwek from Logica Property.
“Time to sell (days on the market) is decreasing and it is now often lower than in comparable Sydney suburbs while auction clearance rates are regularly north of 65-70%.
“There seems to be few good properties available and quite a few buyers around leading to more competition and a pent-up demand building.”
TAS state representative Rob Zubin
According to TAS state representative Rob Zubin from My Property Hunter, the Hobart market remains very buoyant and resilient.
“With more buyers than available properties, the pressure is definitely on buyers in a rising market to make a quick decision but an informed decision,” he says.
“The way to survive is to remain positive and have a good attitude towards property buying. Consider some compromise along the way such as widening your search area, be prepared to miss out on properties (especially if over priced), but also recognise that to be successful, buyers need to make strong offers – they need to quickly assess what ‘fair price’ is in today’s competitive market and they need to have a good grasp of contracts along with terms and conditions.
“Recognise that it’s really not a market to play hardball, and finally if you have done your homework, be prepared to commit. Without commitment, it makes it challenging to succeed.”
VIC state representative Leigh McConnon
The Victorian property market is likely to see mixed results this spring with some areas and property types floundering while others will flourish, predicts REBAA VIC representative Leigh McConnon from Buyers Advocate.
“While the overall median house price may be falling this does not give a true indication of the many sub markets operating in Victoria that are at different stages of the property clock,” he says.
“Property types, areas and price points are all influenced by many different factors and it is simply too simplistic to say an overall market is in decline.
“For example, the first home buyer market is booming and properties in good areas between $400k and $600k are going strongly, particularly villa’s (single level properties with some land content).
“Similarly, properties that appeal to the downsizer market are also in popular demand. Many suburbs close to infrastructure and transport within 15 kms of the CBD in the north and west are also thriving as well as a number of regional locations.”