Signs are positive for buyers, sellers

As the Christmas break is over, agents say 2014 has been an interesting year.

"We've seen a bit of a mixed or confused market in some regards," Luton Properties Manuka agent Greg Hedger says.

Public service job cuts had many keeping a cautious eye on the market in 2014, but Real Estate Institute of the ACT president Michael Kumm says more people are starting to act.

"People were sitting back and waiting to see what would happen, but it didn't make a difference," Mr Kumm says.

"It hasn't been nearly as catastrophic as they thought and confidence is coming into the market."

Mr Kumm says the top end of the market in particular is strong with record prices achieved this year in suburbs such as Campbell and Pearce. He says all real estate sectors, from luxury homes to property management, are going well.

"Agents are pretty comfortable out there at the moment."

Independent Property Group project marketing director Wayne Harriden says government projects have helped Canberra through what could have been a much tougher period.

"There was certainly less confidence in the market but it didn't last very long, Canberra people are pretty resilient."

Mr Harriden says many projects, from suburban land sales to apartment buildings, have seen great success in 2014. He says this is due to developers working closely with market demands.

"Architects are looking more at what buyers have to say," he says.

"They're designing developments to suit the marketplace, which is great."

Peter Blackshaw Real Estate Woden and Weston Creek director Shane Killalea says there is a shortage of stock in Canberra and Queanbeyan but there are plenty of interested buyers. He says this trend will continue with more than 1000 homes affected by Mr Fluffy asbestos.

"That's certainly going to cause a shortage of homes," Mr Killalea says.

Mr Killalea says low interest rates are still driving real estate nationwide and he expects this will continue for the foreseeable future with large numbers of buyers coming through open homes.

"When the market is a bit slow it's the best time to buy," Mr Harriden says.

"There's so much opportunity at the moment and I think summer will be quite strong for residential sales."

The above is an extract from:

http://smh.domain.com.au/real-estate-news/signs-are-positive-for-buyers-sellers-20141210-124dy2.html

4C Realty

Caroline