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Spring continues to shape up as a stellar season for real estate agents despite the federal government’s first home owners grant boost being wound back at the end of last month.
Licensed real estate agent John Patterson from Raine & Horne Port Macquarie told Real Estate Business that while he has seen an initial quieting of activity, the market continues to run strong.
“The market peaked here in Port Macquarie in September 2003, and since then we have continued to maintain strong sales activity and prices,” he said.
“I think the demand will continue while ever there is a shortage of supply. It is only the boost that has been removed, so there is still plenty of incentive for first home buyers to enter the property market. And, as it stands, investing in property is currently more lucrative than leaving your money in the bank.”
LJ Hooker is also enjoying strong market activity, with over 800 auctions already scheduled in for October.
The real estate’s national auction manager Graeme Hyde said the company is seeing no signs of activity backing off even after the initial decrease to the first home buyer’s grant boost at the end of September and this week’s 25 basis point interest rate increase.
“I am expecting activity to remain strong from now until the New Year based on feedback from our offices across Australia and the success of our Spring Auction Fest campaign,” he said.
According to Mr Hyde, current buyer activity is not limited to the first home segment of the market.
The strong first home buyer market is translating into increased activity in mid to high-end priced properties as property owners are selling their first property investment and upgrading their home while there is this high demand for entry level properties, he said.
