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.