What the future holds for the property market

A couple of weeks ago I said I’d keep you posted on what the future holds for the property market.  Well for many in the property game ‘the future’ officially starts this weekend....

That’s because this weekend marks the start of our first auctions of the Spring selling season. The first of the Spring marketing campaigns are coming to a close and at Morton & Morton we have a record number of properties going under the hammer.

So let’s take stock. 

Since the beginning of the year I’ve written about the interesting phenomenon in Australia which has seen us so nervous about the possibility of another GFC that our behaviour was almost causing those very fears to come true. 

Most would acknowledge that in comparison to most, the Australian economy is in a good place right now but there is no getting away from the sense of impending doom we have all been feeling.

However the reality is it hasn’t come true yet and over recent days the economic forecasts have been more positive.  Domestically the common belief is that interest rates will at worst remain on hold and at best will fall. Internationally an agreement has finally been reached on how to manage the financial turmoil in Europe.

So where does that leave real estate?

Our record number of listings and auctions scheduled for the next few days is a positive sign vendors understand there is still value in the market.  We have had significant interest in the properties but the results of our auctions over the next few days will be a true test of whether or not buyers are comfortable with the promise that Australia will continue weather the financial storm.

I’ll let you know next week.