So much disruption in Canberra during the week... how is all this impacting on your house sales, if at all?
From the front lines, it is currently patchy. Winter is generally a time of low stock levels, solid sales results and frankly, a pretty safe time to plan selling.
BUT... election time is negative time. Everything bad makes it to the front of the news and mud slinging and finger pointing has a consequential result on the psyche of the consumer in real estate.
Real estate is a big ticket item; the most profound driver of the real estate market is CONFIDENCE! I’ve worked through some really tough markets with double digit interest rates, double digit unemployment rates - I have seen it all. If the consumer feels safe and secure, they will transact in real estate. If they are nervous, and feeling uneasy or vulnerable, they just put everything on hold.
Aside from the fact nearly all our sales team have recognised the opportunity to head off and recharge, ready for the second half of the year, the past couple of weeks have seen a sharp decrease in the level of activity.
New listings have slowed to a trickle; existing sellers have just pulled back a notch.
Incredibly, sales are still fine as there are plenty of buyers around, but getting a decision from them at the moment is taking longer.
From previous experience, it is likely to be fast and furious after the election... as the market plays catch up for lost time.
In the meantime, stay tuned for some remarkable new online innovations that our Toop&Toop IT guys are about to switch on...!