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Brokers bullish despite predicting Christmas lull

Staff Reporter 4 minute read

The majority of brokers believe business will ease over the Christmas and New Year period though there is optimism for the year ahead.

According to Mortgage Business’ most recent straw poll, 72.8 per cent of brokers do not expect to see brisk over Christmas.

Of the 497 respondents, only 22.3 per cent expected the momentum to follow through the traditionally quieter Christmas period.

Smartline Franchisee Ian Simpson said while his business had remained relatively consistent throughout the silly season, he could understand why brokers thought business would wind down.

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“While the property market is still humming along solidly in Melbourne and Sydney, I think there has been a slight drop off in some of the other capital cities,” Mr Simpson told Mortgage Business.

“Rising interest rates and a diminishing first home buyer’s boost is starting to have an impact on the market.

“Overall, business remains solid, but I do believe we will see a lull in the first part of next year as the Reserve Bank continues to raise rates though activity will pick up again in the latter half of the year,” he said.

Keiran Jefferies from KJ & Partners agreed that Christmas was traditionally a ‘quiet’ period for brokers.

“Most brokers perceive Christmas time to be a quiet period and in many ways it is. Most borrowers go on holidays and don’t want to think about buying or selling property,” he said.

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“However, there is still a large amount of borrowers that do want loans. So, while most brokers use this time to go on holidays, I choose to work through and service the customers that are still looking for finance,” Mr Jefferies said.

“Christmas has always been a busy period for me. I use the time wisely to drum up business for the year ahead and nab some of the clients that want to settle on homes over the Christmas break.”

Mr Jefferies told Mortgage Business that 2010 was going to be a big year for brokers.

“Not only will demand for property continue to increase, but I also believe the incoming legislation will force some brokers out of the industry which will ultimately mean more business for those that remain,” he said.

“I’m looking forward to the year ahead. I expect it to be a challenging and defining year for the industry.”

Brokers bullish despite predicting Christmas lull
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