Media release - 21^st June, 2013

Buyer interest consistent despite cold snap

Property listings tend to drop off as the mercury falls, and this year the upcoming federal election has added an extra chill to the plans of many homeowners around the country.

However, Angus Raine, CEO of Raine & Horne, contends the winter months are often a sensible time to sell as there can be a general shortage of listings, even as buyer demand has remained constant.

“Trying to pick the best time to sell is a complicated business, yet winter is often a good time to sell in many markets around Australia because you could be competing with 15-20% fewer homes for sale – and even more in some cases,” says Mr Raine.

“Our agents are screaming for homes to meet buyer demand, which is rarely affected by colder weather.”

And postponing a property listing until after the federal election on 14 September could mean missing the boat on improving buyer and investor demand, warns Mr Raine.

“Homeowners seem to spook easily or look for excuses for not listing a home for sale, such as the impending federal election,” says Mr Raine.

“An imminent change of government is running at virtual Black Caviar odds, yet homeowners are telling our agents they’d prefer to wait until after the election to make a move.

“But there is plenty of buyer interest out there, thanks to low interest rates and the falling dollar, which is making Australian property even more attractive to local and overseas buyers and investors.”

Hamish Kyle, Co-Principal of Raine & Horne Neutral Bay, in Sydney, agrees that impending events, such as an election or major sporting festival, have a history of impacting real estate activity.

“Listings are down by as much as 30% on the lower North Shore compared to the same time last year, which is a situation akin to the winter property market in the lead up to the Sydney 2000 Olympics,” says Mr Kyle.

“That said, we expect strong post-federal election activity, with the traditional spring market pushing upwards to Christmas.”

Mr Kyle also questions the rationality of waiting for spring to list a home for sale.

“It’s more likely that by October there will be an oversupply of stock as more properties hit the market for sale.

“Yet we have virtually the same number of buyers the year round, so why not sell a property during winter, when there’s a relative shortage of competition?” says Mr Kyle.

Gina Wells, Principal of Raine & Horne Burpengary/Narangba, in Brisbane, confirms that listings in the city’s outer northern suburbs are down by 50% compared to June 2012.

“There are a number of factors causing the drop in listings, including the traditional winter reluctance to sell, while homeowners often wait for an election result before making a selling decision,” notes Ms Wells.

Ms Wells says with listings near all-time lows, winter 2013 is fast becoming the perfect time for the sale of a home in Burpengary, Narangba and surrounding suburbs.

“Days on market for homes in Burpengary and Narangba have fallen by about 50%, with some homes selling in matter of weeks and days,” she says.

For example, 15 Bendee Court, Narangba, a large family home on a generous 1,000 sqm block, sold for $450,000 within 24 hours.

“It hit the internet on the Friday night and was sold by the next night after 8 groups inspected the property,” says Ms Wells.

“We are getting multiple buying offers for most homes, so if a homeowner is considering making a move, I’d describe it as an opportune time to sell.”

Phil Hayes, WA State Manager, Raine & Horne, sees the next few months before the federal election as a window of opportunity for vendors.

“The winter months are a good time to sell a property because there is traditionally less stock on the market, while the pending election is likely to see even fewer homes appear on the market as people wait out the uncertainty,” says Mr Hayes.

“With robust buyer demand at the moment, now is a good time for vendors to consider selling.”

Angus Raine’s tips for a winter property sale

If you’re selling a home between now and September, there are a number of factors to keep in mind.

Winter is a good time to sell because you are competing with 15-20% fewer homes on the market.
Ensure your home is clean, warm and inviting when holding an open for inspection, to present your home at its best to prospective buyers.
When selling in winter it is important to let in plenty of natural light – a sun-drenched interior may prove a tick in the box with many buyers during colder weather. With this in mind, cut away any overhanging branches from windows to let more light in.
Winter is a smart time to sell a property with a north-facing yard and/or deciduous trees, which allow sunlight to stream in and warm your home.
A new coat of paint can make your rooms look fresh and inviting, and sticking to light, neutral shades can make your home appear bright and spacious.
Consider adding splashes of colour to your furnishings with colourful throw rugs and scatter cushions, while flowers or a bowl of fruit can also brighten up your home on a darker winter’s day.

-ENDS-

For further media information contact:

Angus Raine, Executive Chairman & CEO, Raine & Horne on 0409 920 697

Andrew Harrington, National Marketing & Communications Coordinator on 02 9258 5400

Make the most of the winter chills and electoral blues, Raine & Horne advises sellers