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The majority of brokers are optimistic for the year ahead, with regional activity expected to continue, according to a new survey.
According to a broker survey conducted by online mortgage platform HashChing in November 2020, brokers remain optimistic for the new year despite the challenges of 2020.
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The broker respondents were particularly confident that the rise in activity in regional areas would continue, with 66 per cent saying that the trend set by people working from home would remain strong (rather than the market shifting back towards city centres).
The fintech’s latest survey also found that 63 per cent of brokers expect there to be a housing boom in the new year, with the vast majority (80 per cent) expecting first home buyers to be the driving force of its activity.
More than half (57 per cent) of the brokers surveyed agreed that the pandemic had a noticeable impact on their business model and how they acquire customers.
However, brokers were divided on what constituted a broker’s most important skill in 2020:
- Being technologically savvy (39 per cent);
- Having good communication skills (45 per cent);
- Negotiation skills (4 per cent);
- And strong sales and marketing (12 per cent).
A third of the brokers surveyed believe the RBA would not change its decision on holding the cash rate at its current record-low level.
Arun Maharaj, CEO of HashChing, commented: “If the collective wisdom of our brokers is right, we’re looking at the cheapest credit that will be available for quite some time.”
With the rising demand of regional property, and brokers’ expectations of its continuance into the new year, Mr Maharaj also noted the importance of brokers’ increased interaction with online tools and technology to interact with customers.
He said: “Most of our respondents are predicting that regional centres will continue to benefit in the property market [this] year. Of course, with brokers increasingly turning to online tools and technology to interact with customers, we’re seeing many work with customers that they otherwise wouldn’t be able to access.
[Related: Home buying plans jump in November]
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