Easter, School Holidays, and ANZAC Day has seen April fly on by. We also had interest rates put on hold by the RBA with some of the banks even lowering their fixed term rates over the past few weeks. Why is this relevant?
We find that buyers purchase when they have confidence in the market place. Over the last month we have seen more buyer activity and more buyers making offers to buy properties, this has shown that there is a general feeling of confidence in the market where buyers are happy to purchase now knowing that they won’t see too many more rate rises. This has led to reports of growth in some of the market and good auction clearance rates.
To me, this means the market is stabilising and we are heading into a ‘normal’ market where will see property transactions flow along steadily with property selling in a reasonable amount of time. We may not see much growth over the next few months but I don’t expect values to decline any further throughout 2023. In fact, RP Data are reporting property growth in some suburbs around the country, perhaps meaning that we will start to see the market rise slightly.
If you need any help with your real estate plans, please don’t hesitate to contact myself or our team at Coastwide First National.