News

Spring sees welcome boost for region's real estate market

SLASHED interest rates, a boost to the first home buyer's grant and the arrival of spring have all been touted as being behind a welcome boost to the Warwick property market.

Home loan approval rates are on the up, indicating that people are becoming more comfortable about making the commitment of buying a home.

Warwick real estate agents said they believed there were a number of factors behind the boost.

LJ Hooker owner and principal Rob Finlay said he had noticed a definite increase in both listings and interest in properties over past weeks.

"I think things have started to move and in the last couple of weeks we have seen activity in the $200,000-$300,000 price range," Mr Finlay said.

"The interest rates cut has kicked through and there is a bit more positivity in the industry."

Mr Finlay said potential buyers were realising the time is now and were serious about getting into a property and many opted for auction over a regular sale.

"Buyers are getting realistic about what the market is and hopefully we will get another interest rate cut soon, which will improve confidence more."

"We are seeing plenty of auctions, which are good because buyers can go through the house and make up their own mind about where the property sits and it's good for sellers because they don't have to accept what is offered."

Helen Harm Real Estate owner Helen Harm said a boom in interested buyers could be the result of the seasonal change.

"There are a lot of people looking for land and I think it is that nesting thing, spring is usually our busiest time of the year," she said.

Mrs Harm added that after years of patience, buyers were ready to pounce back into the action of the market.

"People are sick of waiting. They have been saving their deposit and it gets to the point where they say, 'we have the money and we have to do something about this'," she said.

"They're not making any more land and people realise that if they want land close to Warwick, they have to get in now while there is still some left."

Topics:  home, home loan, land, property, real estate, spring, warwick




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The improvement would be mild when compared to past cycles