Tags: property prices
Harcourts NSW’s Sales Soar
Despite a challenging year for the property market, Harcourts New South Wales have posted a 26 per cent surge in settle sales, announced CEO, Sadhana Smiles at the group’s recent annual awards ceremony.
“This year we have had more words than ever to describe the real estate market – soft, changing, challenging, tough, stable, optimistic, bullish, weak, buyers and investor market, rough, hammered, upbeat.
“We have a two speed economy that is impacting the retail, corporate and property sector, there is low confidence in our leaders, Europe is still unstable, and despite the latest RBA rate cut there seems to be a battle between the banks and the RBA leaving us wondering who is running the economy,” Ms Smiles said in her opening address at the awards ceremony.
“The story is the same across not just NSW but most of Australia. Stock levels are high but buyers…
RBA’s Decision a Positive for the Property Market
The Reserve Bank of Australia’s (RBA) decision to cut official interest rates by 50 basis points earlier this week has no doubt come as a relief for mortgage holders across the country.
As well as offering reprieve for Australian home owners, Mike Green, Managing Director of Harcourts International, believes that the RBA’s decision to cut rates signifies a positive step forward for the country’s property market and wider economy.
“Given the current challenges facing Australia’s property market, the RBA’s decision to cut rates was the best possible outcome.
“Although the mining and resources sector is performing well, many other areas of the economy remain subdued, with retail sales and consumer confidence down.
“I believe that the latest cut to interest rates will encourage renewed consumer spending and should increase buyer activity within the housing market,” Mr Green said.
At its May board meeting, the RBA cut its key cash…
Optimistic Outlook for Redcliffe’s Property Market
The property market in the Brisbane suburb of Redcliffe is set for a boost over the next few years as development continues on the Redcliffe rail extension which will see the railway line extended from Petrie to Kippa-Ring.
“The construction of the rail extension has started and once it gets underway further, I believe that Redcliffe will become the new ‘go to’ destination for property investors and commuters,” said Steve Bleakley, new Business Owner of real estate group, Harcourts Redcliffe.
“The past 12 months have been quite challenging within the property market – the same as almost every other market in South East Queensland – but there are some positive indicators ahead,” Mr Bleakley added.
Through his day-to-day experience within the local property market, Mr Bleakley has identified the types of buyers that are currently in the market and the types of properties they are…
Positive Signs for Inner-City Property Market
The property market in Brisbane’s inner-suburbs has improved markedly since 2011, suggests Lucas Wilson, Business Owner of real estate office, Harcourts City Sales and Rentals.
“Since March last year, we’ve experienced an enormous change in the amount of enquires and foot-traffic to our office and open homes – I’d say the number enquires have tripled over the past year.
“It now seems that everyone is sick and tired of the doom and gloom surrounding the property market and people are ready to embrace change. I think the change in government locally and the possibility of a change of Federal government has also had a positive impact on the local property market,” Mr Wilson said.
Through his day-to-day experience within the local property market, Mr Wilson has identified the types of buyers that are currently in the market and the types of properties they are looking…
Alderley’s Property Market Set for a Boost
Alderley’s property market is set to get a boost as a result of the LNP’s election commitment to spend $6.6 million beautifying the suburb’s main shopping strip.
A proposal welcomed by local business owners and residents, the Suburban Centre Improvement Program will see the tired strip along Samford and South Pine roads revitalised with public art, trees, plants, and improved footpaths and public transport access.
The program, which includes $19.4 million spent on reviving seven other shopping centres around Brisbane, is designed to ensure suburban business areas do not become ‘ghost towns’, abandoned in favour of larger shopping districts.
Martin Millard, Business Owner and Sales Manager of Harcourts Solutions Mitchelton, is confident that the program will have significant knock-on effects within the area’s property market.
“Alderley is an up and coming area which attracts a number of families, and I believe the LNP’s project will encourage greater…
Action Needed on Interest Rates
Despite the decision of the Reserve Bank to keep interest rates on hold, it seems the major banks are bucking the system and raising their rates independently. Sadhana Smiles, Chief Executive Officer of Harcourts New South Wales, asks “Who is in charge – the banks or the RBA?”
“The banks have justified their actions by blaming rising funding costs regardless of the fact that they are still making large profits and that there is a degree of economic uncertainty offshore, particularly in Europe,” Ms Smiles said.
“Another factor which will impact rates is the recent unemployment figures. More jobs are being created than predicted which suggests that perhaps consumer spending will not lower therefore taking the pressure off inflation, all of which weakens the case for an interest rate cut come May,” Ms Smiles suggested.
In contrast to the action of the big banks, the…