The last month has been another interesting one in the real estate world. It started with another interest rate rise at the beginning of the month and plenty of media beat up regarding the status of the market. Through the middle of the month we saw more buyer confidence and more properties selling, but the last week has quietened down again as buyers wait to see the outcome of the reserve banks next meeting.
The sale prices have come back over the last few months however with some of the big banks reducing their long-term fixed interest rates over the last couple of weeks we get the feeling that the current interest rate pain is only going to be short lived and that 12 months from now we could very likely see the RBA dropping interest rates again.
As we now approach Spring and the weather begins to warm up, we believe that the market conditions are going to improve. Buyers will be looking to secure new homes before Christmas and sellers will be looking to move and settle in their new homes before the beginning of the next school year. This should see the market adopt some normality where both buyers and sellers have some confidence that now is a good time to simply get on with it.
We are looking forward to a successful Spring selling season – feel free to reach out to our sales team if you would like to discuss your options.