Market Review –
The latest finalised results from researcher RP Data shows auction clearance rates rose marginally in Brisbane, Sydney and Melbourne, reporting under the hammer sale rates of 28%, 54% and 55% respectively.
In domestic economic news, an article in the Herald Sun said up to 100,000 jobs may be lost as the Australian economy continues to slow. Merril Lynch strategist Tim Rocks said he expects the losses to result in the Reserve Bank easing interest rates by November, while financial markets are now pricing in a fall of up to 1.25% in the official cash rate by February.
Meanwhile, a Sydney Morning Herald article said banks are already offering discounts of up to 1% off their standard variable rates in an attempt to stimulate the home loan market. This is all good news for buyers – hopefully the flow on effect will be a busy Spring market with lots of buyer enquiry and good inspection rates through open homes.
With 18 pending sales already on the board for August Ray White Blackheath feel optimistic going in to Spring.
Unseasonably hot August auctions! Bidders flocked to the streets in crowds across the country today, with many agents and auctioneers commenting on confidence in bidding and the feeling of Spring in the air. Australasia’s largest real estate group reported a preliminary clearance rate of 70 per cent nationally. The city … Read more
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