Market Review – Blackheath May 2012
On the back of the Reserve Bank’s (RBA) shock announcement in early May to slash 50 basis points off the official cash rate, experts have said Australians can expect up to three more rate cuts.
Of course, the RBA’s actions can only have a stimulating effect if the banks pass the savings on to their customers and within days of the announcement, three of the four major lenders had confirmed they would drop their variable rates – NAB by .32%, Westpac by .37% and Commonwealth by .40%. Although there is still some contention over the lender’s justification in out-of-cycle rate setting, the drops still represent significant savings to mortgage holders.
The RBA’s position on rates is good news for consumers and property owners and is expected to bring a renewed confidence and optimism to the property market.
The announcement is likely to bring many buyers off the sidelines, creating opportunities for vendors who have been waiting for conditions to improve. This is certainly the case in the Upper Mountains with Ray White Blackheath recording good numbers though open homes.
The Upper Blue Mountains property market continues to demonstrate resilience, with buyer demand remaining steady across a diverse range of purchaser groups, including local owner-occupiers, Sydney tree-changers, investors and retirees. While the number of transactions has eased compared to the same period last year, property values have continued to strengthen and homes are selling more … […]
The Upper Blue Mountains property market remains strong, driven by lifestyle demand and Sydney buyers seeking space and natural beauty. Blackheath’s median house prices are near $880,000 with solid annual growth and quick sales, reflecting steady buyer interest. Katoomba also shows healthy house values, with a median house price of $870,000 and reasonable days on … […]