​ACT President’s report

Paul Powderly, President of the Australian Property Institute's ACT Division, discusses recent activity in the Territory, updates on government and news from the Institute

2015 has been an eventful year for the ACT Division of the API, and a lot has been accomplished since the last newsletter.

The property market in the ACT has improved on 2014 with an increase in the medium house price and volume of sales improving. This has been as a result of the prolonged low interest rate environment, the end of job cuts by the Commonwealth Government, and activity in the local economy generated by the “Mr Fluffy loose fill” home buyers.

Our housing prices have not increased significantly, as have been experienced by the Sydney and Melbourne market, but it is good to see signs of improvement. However, recent announcements by the major financial institutions in respect to investor lending and presales requirements for developers could create challenges.

The “Mr Fluffy Loose Fill Affected Homes” program has kept a significant number of our members very busy, with some 2000 valuations completed in the period of November 2014 - August 2015. A big “thank you” to those involved and especially to Marcia Bowden, Shane Radnell and Cathy Sirel who have co-ordinated and been the front line for enquiries with this program.

Our CPD team has again done a great job on the quality of this year’s program. It is great to see the increased attendance at events and the positive feedback I am receiving from the membership.

The last point I wanted to touch on is in respect to the great work that has been occurring on the restructure of the API. It has been a difficult process however the benefits are evident and the Australian Property Institute is in great shape. A special thanks to Mike Zissler, CEO, and our own Cathy Sirel, now our Member Service Manager.

I look forward to catching up with you at our Christmas wrap.