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.
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
Blue Mountains property market July 2023 The Blue Mountains is ever popular among Sydney buyers and with the shortage of homes for sale that we are currently experiencing this is a real opportunity for seller to capitalise on the strong winter trading conditions. Blackheath has shown strong growth recently, with a … Read more