Sales Director's Review
John Minns - Sales and Marketing Director
As I write this it is great to look out the window at a sunny Spring day in Canberra, another reminder of the many benefits we enjoy living in this great city. Floriade is another triumph of planning and is attracting plenty of visitors. If you are here for a short or long stay, we are glad you have arrived and hope you get to experience all of the other attractions on offer.
While we hope some of those visiting Canberra have the opportunity to move here permanently one day, for all of us locals, the last quarter of 2008 will bring more than just warmer weather and there are a number of things we would expect to impact on the local property market.
Spring traditionally brings an increase in properties for sale and we have seen these numbers building over the last couple of months. Despite the water restrictions, the new growth and flowers in Canberra’s gardens have prompted home sellers to list their properties at a time when their home is looking at its most attractive and as a result there have been more buyers in the market too.
Local elections this month will have us all at the polling booths but this is one factor that appears will have very little positive or negative impact on the local market. Regardless of the outcome, after the votes have been counted we would expect business as usual the following day and that Federal Government policies will continue to have a more significant impact on the local economy, housing affordability and employment than any of the local policy announcements to date.
The one issue that continues to concern the local property industry and up to 100,000 Canberra residents is the likely impact of the Unit Titles Amendment Act 2008. While there has been widespread debate on this issue, the fact remains that hastily cobbled together legislation that fails to deliver tangible improvements in services, does not address professional standards and guarantees increased costs to consumers is not wise in the fastest growing residential property sector.
Regardless of which party forms government after the elections, we call on all involved to commence a true consultation period with stakeholders which was conspicuously lacking prior to the passage of the legislation. The opportunity exists to both amend the legislation and ensure the accompanying regulations really do make a positive difference to those affected by the Act. The real estate industry, strata management sector and ACT unit owners are all more than willing to participate in a process that will achieve a best practice outcome.
Lastly, a quick word of advice.
Scary as it seems, the Christmas period is fast approaching and if you are considering selling your home this year, you will need to act soon. By the time you arrange all the required documentation, prepare your property and start marketing, it could take several weeks. So if you want to complete a 4 week marketing program by early December, the time to start planning is now.
If there are any aspects of your property needs that we can help you with, please contact your local Independent Property Group agent, or you are welcome to contact me and I will put you in touch with the appropriate people.
Have a great October!