The head of one of Australia’s biggest real estate franchises believes the Australian property market will remain relatively active through autumn 2016.
Angus Raine, executive chairman of Raine & Horne, believes a combination of the upcoming federal election and the end of the financial year will see continual movement from buyers and vendors.
“With the end of the tax year fast approaching, many investors and self-managed super fund
s will be weighing up whether to rebalance in or out of real estate assets and will act well before the June 30 cut-off,” Raine said.
“Throw in the threat of a July Federal Election and we expect appraisal, listing and sales numbers to hold their ground in the lead up to the end of the financial year,” he said.
While the cooler months have traditionally been the ones where buyer activity falls off, Raine doesn’t believe that is particularly the case anymore.
“Buyers are driven to secure a property for a wide variety of reasons, whether it's to secure a tax-effective investment for a self-managed super fund, or a home to live in – and the season makes little difference to them,” he said.
“An autumn open home… can present a more pleasurable experience for buyers, who will be more likely to poke around properties with more inviting external spaces for longer than they might at the height of the summer.”
According to Raine & Horne figures, there was around 20% less homes for sale in March compared to September 2015, which will likely keep buyer competition strong through the cooler periods of the year.
“The reality is there will be fewer properties for sale in autumn than in the traditional springtime selling months between September and December, when many owners list properties for sale.
“If there are fewer properties for sale in April and May than September, and more or less the same number of buyers, it stands to reason that an autumn sale can make plenty of sense.”
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