What we are currently experiencing....

We are experiencing interesting times currently with opinions flying around about the economy especially with the budget this week and then in a few months the federal election. I receive feedback from businesses almost every day that since Christmas things have been quieter and this is also reflected in the latest lowering of interest rates.

This is probably one of the most interesting times since the early 90s in regards to how people see the market, though things were very different then. The stock market crashed in the late 80s and we saw the likes of Connell and Bond tumble and investors turned elsewhere. We had unemployment in double digits, housing loan interest rates were at 17 per cent and values in property dropped dramatically after previously booming. Real estate was seen at times as a lotto ticket, buy a house and then sell it in a couple of months to make a profit. I was an agent in those times and in the late 90s it was crazy, there was an arrogance with sellers . Then the game switched and buyers decided it was their turn. People’s expectation changed in terms of what they expected from their real estate investments and there were many agents that didn’t handle that transition well.

Today we are seeing something similar in business with the inability of people to adapt to a new playing field. However there are far better conditions compared to the 90s with interest rates at an all time low and unemployment slightly on the rise. The coming years will present plenty of opportunity and living in the Midland and surrounding areas we will see enormous change which we will all benefit from.

We just need to think of the positives, it was not that long ago we had empty workshops that people said was an eyesore, now today we have beautiful homes, a new hospital and first class retail shopping. One day we will look back on 2016 and say I remember when.

Milton Rendell, Real Estate Plus CEO.