Does The Media Affect The Property Market?
Does the media affect the property market? Yes, it does.
Buyers are sensitive to press, and when the front page of the local newspaper or headline news report says, “the market has bottomed out”, or “green shoots of optimism” etc., then buyers are going to pay attention and so too are sellers. Markets can change in a matter of two to three weeks. The trajectory moves and buyers either pull back due to their fear of economic turmoil or they ‘go hard’ because they fear that the market is moving up and they don’t want to miss the boat.
People follow people. They need social proof and when there is some evidence or suggestion that the market is moving, it often becomes a self-fulfilling prophecy and people will eventually follow the trends and therefore create the trends.
Be aware of trends, and be aware of what the press and the reports are saying as ultimately, it will all influence the way people think and act around property transactions.
\ Abel Property, formerly Abel McGrath, is a bespoke real estate agency based in Leederville, Cottesloe and Subiaco, servicing the greater Perth metro area. A company full of heart, we give 100% to everything we do, and we strive to earn the privilege of our clients becoming our biggest fans. We love to inform and educate so if you’re interested in anything property related and looking for expert knowledge, please get in touch.