Why Our Real Estate is Special – Canberra in 2019
Welcome to another wonderful year of real estate!
While I don’t have a crystal ball to accurately predict what will happen in the Canberra real estate market in 2019, I do have some informed guesses to offer, based on my experience in previous years and my understanding of the ‘usual’ market cycles. So – here are some predictions for Canberra in 2019:
The General Election will impact on Canberra real estate
This isn’t a guess – there IS a general election looming! While this will affect every state and territory real estate market to some extent, we lucky Capital Territorians are particularly impacted. As approx. 45% of our work force are public servants, any pending change or return of government usually means a shake-up across all government departments. This in turn means that 45% of local buyers or sellers put their moving plans on hold until they know if they will have a job, and, if it will be in Canberra or not. As any changes will not become clear until a little while after the election, we predict the Canberra real estate market will be very quiet from Easter until spring this year.
This means there are only a few ‘selling Saturdays’ left
We had a busier than usual January last month and expect to remain busy until mid-April, partly because we are advising our sellers to get into the market as soon as they are ready. We only have 8 more ‘selling Saturdays’ between 16 February and Easter Saturday. This, combined with the Anzac Day long weekend after Easter, school holidays and the election in May means we expect the market to quieten right down while buyers and sellers wait to see what will happen after the election. If you’re thinking of selling – now’s the time to do it.
So…when will we go back to ‘normal’?
I believe September/October is when we are likely to see the market back into its usual rhythms, with the spring selling season hotting up and an influx of properties presented for sale – all spruced up and looking gorgeous, surrounded by blossom trees and daffodils.
Here are some tips on dealing with the Canberra market in 2019:
- Don’t be concerned if you do need to sell or buy a property in the middle of the year. People always need to move for a variety of reasons and we still have a highly mobile population. Canberra remains a much more stable market than the Sydney and Melbourne ones. Although we experienced a flattening in the house market in 2018, we did not have the same marked drop in prices. If moving house in Canberra, you will be selling and in the same market – sale prices may be flat, but so are buying prices. If you are moving interstate, you may well be selling in a stronger market than the one you are buying in – unless you move to Hobart!
- Prepare you home for sale in the quiet winter months so you can hit the ground running as soon as you see the market beginning to pick up. Ask your agent for an appraisal now, along with their advice on the preparations to make to be market-ready. You may think you need new kitchen cupboards but you’d be surprised at the difference new handles can make – just ask your agent!
- As in any year or market – a well-presented home, priced to the market in your immediate area, will sell – and sell well. Don’t try to fight the market – you’re not likely to win – just have a good agent on your side and be ready to go with the flow.