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.
Blue Mountains property market June 2024 – If the first weekend of winter was a sign of things to come then we are in for a strong Winter selling season. In the Blue Mountains many buyers started their long weekend by inspecting a property for sale. Inspections rates were definitely … Read more
With the first hint of autumn in the air the Blue Mountains is experiencing a shortage of homes for sale that creates a real opportunity for seller to capitalise before the traditional influx of new stock comes to the market in mid Autumn. Blue Mountains property market March 2024 Blackheath … Read more