A word from Philip Webb

A word from Philip Webb

February has arrived, and the 2022 market is well and truly underway. Before we know it, the Federal Election will roll around, and for us Victorians, a State Election won’t be far behind.

Every three years, there are conversations about how the upcoming election will impact the real estate market. And like most election years, there is no need to panic.

In previous years, plans to abolish negative gearing in electoral campaigns have somewhat influenced the property market. This year, campaign strategies appear to be focused on matters of the pandemic, having little to no impact on real estate. During this time, people should stick to their guns and continue with the property plans they have in place for 2022. My advice, as always, is to seek professional advice and do your due diligence before buying.

Many also predict interest rates will increase at some point throughout the year. They are currently sitting at record-low levels and can only move in one possible direction – up. It’s inevitable the Reserve Bank will lift interest rates, however this needn’t panic anyone.

For those who own property or are looking to buy or sell – don’t let the media cloud your judgement or influence your financial decisions. While it’s important to educate yourself on how the market is going, investing in property is a long-term game and is one of the safest investments you can make. And banks have already been factoring in these rate hikes in preparation for this rise.

If you are thinking about buying or selling property this year or would like some extra guidance on making the right decision, call our office today.