Property sales in Toowoomba may still be reeling from this year's floods, but Steve Gravina has seen a change in attitude toward risk products as a result.
Gravina's Toowoomba Home Loans suffered the results of devastating flooding in the region early in the year. He told Australian BrokerNews transaction volumes remain depressed, but are beginning to recover in the last few months.
"Business is constant, but not at the level we'd like to see it at. The turnover of real estate is certainly down," Gravina said.
Though the region's physical recovery from the disaster is coming along, Gravina said Toowoomba still bears the psychological scars of the floods. He commented, however, that the disaster has changed his clients' attitudes toward risk products.
"We probably have put a lot more emphasis on the risk management side of the business, and because of the psychological effect of the flooding, people are more open-minded to listen to what you have to tell them in regard to risk products," he said.
Gravina said there are signs of recovery in the community, with lenders taking a more "common sense approach" to valuations, and no longer showing as much hesitance to lend in Toowoomba's post code. He commented that he expects activity in the area to remain sluggish for the first half of next year, but is hopeful it could pick up in the latter half of the year.
"I think the biggest concern for a lot of people is confidence in the economy and the government, or the lack thereof," he said.
To read more about how brokers in Toowoomba are recovering after the floods, check out our in-depth coverage in MPA's next issue (12.1), due to hit your desk next week.
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