For months we have been listening to the press about the catastrophic market collapse and yet couldn’t see that comprehensively in our local market. Recently however, we have felt the tremors of the softer market. We are still showing and selling homes as consistently as always – 23 properties sold since our last quarterly report and a number of properties under offer is in line with a reasonable market. Sale times are lengthening though and some discounting is evident as buyers take back some lost ground. Remembering the later our market feels the Reserve Bank pressures, the closer we are to interest rates flattening out and the likelihood of recovery – the sticking ability of our local market and its resilience has been a good thing for many households. Our local market resilience is no accident, fewer properties on the market has definitely assisted in maintaining prices. Along with being a popular place to live, Palerang has a higher than average proportion of households in the middle to high incomes when compared across NSW. Our proximity to Canberra and its bolstered economy is also a big plus and that’s a good thing because construction and building is our region’s largest employment sector. According to the QPRC community profile – Building & Construction represents 16.27% of our region’s full time employment, that’s nearly a fifth of our local workforce. Public Administration & Safety is the second largest local employment group, then followed by the Healthcare & Social Assistance sector. The two smallest employment sectors in Palerang are Financial & Insurance Services with 135 jobs & Information Technology and Telecommunications with 114 local jobs. WHAT’S HAPPENING IN OUR MARKET?
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