A recent article in Australian Broker Online1 reports that a swing in confidence in the housing market is having a positive effect for brokers as Australians express more confidence in property.
The article quotes the recent release of the AFR’s Smart Investor Index which showed a 45% swing in property market confidence for the first quarter of 2012. The Smart Investor Index also showed that Australians have increased confidence in the global economy with concerns over Europe and the US beginning to fade.
This increased confidence has meant that many brokers are seeing more preapproval applications finalised and noticing more investors returning to the market. While Australians have been suitably cautious in light of recent global economic uncertainty, costs of overseas borrowings and interest rate changes, the AFR report is a positive sign of better times ahead.
The number of housing finance commitments is also continuing to improve, rising 8.7% over the December quarter, according to the seasonally adjusted series from the ABS, it is another strong sign that a degree of health is returning to the housing market; at least at a national level.
With this in mind, now might be an opportune time to reconnect with previous applicants who withdrew their applications last year due to economic uncertainty and re-engage them with an RP Data Comparative Market Report (CMA) to demonstrate current market conditions and opportunities.
Log in to rp.professional today to generate a CMA or watch our quick ‘how to’ video on building your own customised CMA. Discover how offering a value added CMA will help suit the needs of your applicants and make the application process go along more smoothly. For more information on how to design a CMA, call 1300 734 318 or visit rpdata.com/training to book an advanced training session.