Loan Market economic forum: this is your market; are you getting your share?
St George chief economist, Hans Kunnen took a group of Loan Market brokers and Ray White agents through the key drivers of the NSW economy last Friday, sending the key message that interest rates will stay lower for longer.
Loan Market’s bi-annual economic forum, run in partnership with Ray White, discussed the state’s housing market, the year ahead and the factors that will drive NSW in terms of economic activity.
“Interest rates will not go up this year,” Mr Kunnen said. “But if inflation stays low, it’s likely that another cut will come.”
Mr Kunnen discussed recent housing trends, showing investors “coming off the pace” and owner occupiers “going through the roof”. He also explored immigration, unemployment and exchange rates and the effect these have on the property market. Particularly, given the recent budget announcements.
Looking at NSW population growth and construction, Mr Kunnen discussed the undersupply of property, foreign investment and the risk of oversupply in the future. The economist closed by reinforcing NSW will grow, jobs will be created, and the real estate and mortgage industries will continue.
“If you are good at what you do, you will continue to do business,” he said.
Michael Karpathakis, NSW state director of Loan Market, said the forum is designed to give brokers and agents more knowledge in economic activity.
“We hold these forums to ensure our franchisees have a firm grasp of the indicators in a changing market.
“There is a lot of good stuff happening in the NSW economy. Hans showed us there’s growth in jobs, we’re spending on infrastructure, we’re re-zoning land and Loan Market and Ray White are in two thriving industries,” he said.
Ray White CEO, Stephen Nell, added that the job of both Ray White and Loan Market is to make sure their franchisees continue to do business.
“When times are good no-one can imagine it turning bad, and vice versa, in bad times, it’s hard to believe it will come good again. The ambition and responsibility for Ray White and Loan Market is to enable our members to profit in good times and continue to thrive in bad times,” Mr Nell said.