“Prejudice is a great time saver. You can form opinions without having to get the facts.” E. B. White
Unless you have a reliable crystal ball, predicting how the property market will shape up in 2013 is a tough call to make. Uncertainties include how the global economy will play out and impact on Australia, the extent of the slowdown in the mining investment boom and how quickly non-mining sectors like retailing, housing, manufacturing and tourism can pick-up the slack.
Economists are tipping interest rates to fall further in 2013 and reach record lows, which will be good news for mortgage holders, but astute buyers and investors will recognise the economic warning signs. Lower interest rates appear to be having less of an impact on buying intentions, with confidence seeming to be the major stumbling block.
We have spoken to many prospective buyers over the past few months and the vast majority of them are still not convinced that we have seen ‘the bottom of the market’. Many are keen to buy something but want to be absolutely certain that they are getting the best value for money and the best return on investment.
Some property analysts are tipping that in 2013 we should see a recovery in the housing market and some are even saying that it is “inevitable”. Many experts expect that the luxury high-end market will be the first to enjoy price recovery having been hit the hardest by the downturn. The best advice for property investors is to look for places that went down the most and also watch the big cities – when they move it generally fans out to the regions (usually within six to 12 months).
The Queensland property market has shown some early signs of improvement with economic conditions remaining subdued but stabilised. The Bank of Queensland (BOQ) chairman, Neil Summerson, said late last year: “The bank is seeing some early indication that the downward movement in property values has started to reverse.” But he added that over the last month there had been commentary from various market participants and commentators including Stockland, Mirvac and the Insolvency and Trustee Service Australia, which reiterated the difficulties of 2012 for the State of Queensland.
The Chairman of BOQ was also quoted as saying "the Queensland State Government is predicting 4% growth over the next year …. and in addition, tourism numbers on the Gold Coast and the Sunshine Coast in the period from September to November were up substantially on the previous year and the current State Government has initiated various programs (the boost in first home owners grant for new homes, as an example) to stimulate the economy. Indeed, the Premier stated only last Friday that he thought that Queensland should see some positive economic signs within 12 months.”
We are confident that there will be an increase in buyer confidence over the coming 12 months and the result of the next Federal election should provide some certainty; particularly from a business/economy perspective. In the meantime, if you do discover one of those ever elusive ‘crystal balls’ we would love to have a sneaky look ourselves J.
Finally, this month we are pleased to introduce a new sales agent operating under our banner – specialising in Cooloola Cove and Tin Can Bay property sales. We welcome Valerie Todd to our team and we are confident that she will do great things. Having lived in Tin Can Bay for over 21 years, Valerie has seen many changes from her years’ operating the Tin Can Bay Service Station (when you knew everybody’s name) compared to now: with large supermarkets, bigger schools, more shops and a lot more people - both visitors and residents.
Understanding the importance of marketing in the Cooloola area for their business, Valerie and her husband Peter have been involved in every possible opportunity to promote our beautiful area as a holiday destination or as an ideal place to relocate. The flow on effects of these efforts has been a benefit to everyone.
Most agents can talk the talk - but can they walk the walk? Well Valerie has already proven her ability by being involved with the building and operating of holiday units and buying the old Tin Can Bay School site and designing, building and selling homes in that estate. Other successes include organising the popular Tin Can Bay Seafood Festival with over 12 years of involvement in this event which now attracts over 12,000 visitors to the Cooloola Coast every year.
With 21 years of local knowledge and a wealth of experience in business, Valerie is looking forward to a new challenge by joining us to market and sell properties in Cooloola Cove and Tin Can Bay. Welcome to the team Valerie – we wish you every success. If you are buying or selling in the area and want honest and professional advice then contact Valerie on 0419 202 867 or via e-mail at: valerie@ccrealty.tv.
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