A Bell Partners broker and rugby league legend has reminded the industry of the lending market slowdown that proceeds silly season.
Business development manager and rugby league icon Steve Menzies believes that the seasonal cooling must be considered as a contributing factor to the recent slowdown in the lending and property market.
Recent reports of a market slowdown following restrictions imposed by the Australian Prudential Regulations Authority (APRA) have sparked fears of a sharp industry downturn, but Mr Menzies noted that the seasonal impact of such slowdowns should not be ignored. He added that he expects business to pick up in the new year.
“Since I’ve been here [the market has] been going pretty crazy,” the BDM said.
“[At] the moment, sales are starting to drop off a little bit. It’s coming towards Christmas [so buyers will] probably hold off until January.
“Everything sort of goes to sleep in the last three weeks of December, so we’re getting close to that period, but interest rates post at an all-time low and the property market’s booming. It’s probably the golden era of people needing money, so we’ll see how the next couple years hold.”
The two-time NRL premiership winner assumed his role as BDM at Bell Partners in June 2017, and he now hopes to forge a new career in finance.
The Sea Eagles legend spoke exclusively to The Adviser about his new career. The full interview will be published in the January 2018 edition of The Adviser magazine.