Local agents predict the state and Federal elections will slow the real estate market despite a strong start to the year.
One Agency Real Estate said the Christmas period was slower than expected but has picked up within the last month.
“Christmas this year was a little quieter, but come the middle of January it has kicked in and we are having one of the busiest periods,” director Colin McGill said.
“We’re seeing a lot of new listings and it’s quite interesting as we thought Christmas would be a bit busier, but end of January and February have started like a house on fire; it’s crazy.
“Leading up to Christmas is a very busy time for settlement, but it was a bit quieter this year and that could have been because of the heat, people going away but now the phones are ringing and we’re still getting a few inquiries from out of the city like Melbourne and Sydney.”
One Agency sold three homes last week but Mr McGill said it will be interesting to see what the market is like come election time.
“It’s an interesting time because we’ve got the state and Federal elections and I don’t know why but that can slow the market sometimes,” he said.
“There aren’t a lot of changes in government to the average worker, whether Labor or Liberal is voted in, but for some reason in that month leading up to it there’s usually that thought about waiting until it’s over.
“This is mainly with investors and about whether there’s any changes to stamp duty or banking.”
Mr McGill said more people are doing their market research before they are contacting real estate agents.
“If the property is priced right and priced to the market, it will sell,” he said.
“A lot of people are doing their homework now before they’re coming to us.
“The banks have just slowed it down a little bit but people are doing a lot more homework and researching before they come and see us.”
The agency’s principal Rob Fuller said homes are selling “very well”, while units have taken longer to sell.
LJ Hooker sales consultant Jason Pearce said Wagga has witnessed quick sales in January and February, despite slow business trading following the Christmas period.
“Not as many properties as usual came onto the market in spring last year but there has been strong demand in real estate after Christmas,” Mr Pearce said.
“Wagga has seasonal demand and with the university semester commencing soon, many students are coming to the town and we find that some families buy a home and then rent it out to students.
“There’s also been out of town investors inquiring and it’s been strong than what we seen at this time of year.”
Mr Pearce said cheaper property listings will be on auction on Valentines Day, February 14.
“We’ve found that houses have sold within days of being on the market,” he said.
LJ Hooker sold five properties within a few days on the market last week in suburbs, including Tatton, Gobbagombalin, Glenfield Park and Mount Austin.
A Mount Austin four-bedroom home, located on Finch Place, attracted three separate buyers and made offers within days of the property being listed.
Another listing, a three-bedroom, one-bathroom home in Glenfield Park, sold for $290,000 on the first day of being on the market.
Mr Pearce said like the property market, the business industry usually slows around election time.