Last week the Reserve Bank made the decision to again cut the official interest rate by 0.25 percent to a new record low of 2.5 percent.This rate cut was decided based on the RBA’s concern for the national economy. Latest national data shows the jobless rate rising over June and building approvals down sharply over the month.
The lower dollar and a recovering share market are however a positive together, with increased buyer activity in the Australian housing market.
Locally, our housing market is very strong, fueled by these continually low interest rates. Properties are selling quickly, and there are not enough properties on the market to fulfil current demand. Off the back of this we are seeing some solid house price growth and good sale prices throughout the local market.
Our auction sales are particularly going really well, reflecting Sydney’s auction clearance rates around the mid seventies, and many properties selling well over reserve prices.
We are also now heading into the busiest selling time of the year - spring! Statistics clearly illustrate that spring is the busiest time in the real estate year. More people are selling and buyers are coming out of “winter hibernation” to purchase their new or next home.
If you are thinking about selling, now is the time to start getting all the things done around your home in preparation of a spring sale. Contact our office today and we can give you information on the things you should consider in getting you and your property ready for spring selling campaign.