Australia’s economy surprisingly slowed in the September quarter, as the toll of higher interest rates hit consumers and trade turned negative. Gross domestic product (GDP) expanded 0.2% in the September quarter compared with the previous three months, marking an eighth consecutive quarter of growth.
Has Christmas come early for mortgage holders and the real estate market? Households are almost certain to be spared another rate rise when the Reserve Bank’s board convenes for its final meeting of 2023 next week after inflation eased in October. The latest consumer price index figures, released by the Australian Bureau of Statistics on Wednesday, showed annual inflation eased to 4.9 per cent in October, after prices grew by 5.6 per cent in September
It is becoming more and more apparent that we are experiencing a two pace market. There is the market for homes that have been renovated recently or they don’t need any maintenance and these homes are in high demand and there is the market for homes that need renovating/maintenance or development sites and these types of properties are far more difficult to sell.
With five working Saturday’s left until Christmas things are starting to get hectic in our office. Our sales team are frantically trying to get homes onto the market and sold before Christmas as well as trying to sell our existing stock, we feel the market might come home with a wet sail up until Christmas.
The RBA didn’t do us any favours on Tuesday lifting the official cash rate to 4.35%. What does this mean for the market? Buyer sentiment will be low until the dust settles and then buyer sentiment will improve.
It feels like Groundhog Day. Here we are waiting to see if we will we see a Melbourne Cup rate rise next week? The media says "yes", the bank economists say "yes", the market is split 50/50.
Newtown Giveaway - Celebrating our neighbourhood! We have an exciting giveaway happening so keep your eyes on our social media pages in the coming days as we will be launching a competition with some of our local Newtown businesses who each will be offering up fantastic prizes.
The official spring selling season has officially begun and there is one major factor that is already evident. The influx of new properties on the market that we expect in the week after the AFL grand final has not come as yet.
The AFL grand final long weekend is here again, and the weather gods are smiling on us. Let’s hope for a great game and an even contest that goes down to the wire.
Finance pre approvals have increased sharply recently which means buyers have been to their bank or mortgage broker and are preparing themselves to buy. Some banks have cut their fixed term loan rates, which means they are hedging their bets that there will be no more interest rate rises.
On a day like today I think it is much more important to ask this question than talk about real estate.R U OK? Is calling on all of us to let the people you care about know you're here, to really hear them. By taking the time for an R U OK? conversation and genuinely listening with an open mind, we can all help the people in our world feel supported and connected. Let the people in your world know you’re here, to really hear, because a conversation could change a life.
A third interest rate pause is leading us to see a lot more positivity in the market place. During the previous 18 months and the twelve interest rate increases every second buyer was asking us when we thought the hikes would end and it was creating a lot of uncertainty amongst buyers and was causing them fear to commit to a purchase. I now honestly can’t remember the last time a buyer said that to me but it would be a few months at least.
Households are almost certain to be spared from another rate rise when the Reserve Bank meets next week after inflation eased amid falling consumer demand. The latest Consumer Price Index figures, released by the Australian Bureau of Statistics, show annual inflation eased to 4.9 per cent in July, down from 5.4 per cent in June.
New data shows that high-end homebuyers splashed nearly $62m on the Geelong region’s most expensive residential properties in the financial year.The region’s ten most expensive homes sold during the 2022-2023 financial year reveal the appetite for luxury property in the region hasn’t waned.
In good news for those stuck in "mortgage prison", Australia’s biggest bank, CBA, has announced it will lower the stress test on select refinance applications from 3 percentage points to just 1 percentage point.
I found these recent stats really interesting and please note these stats are for Melbourne and not Geelong. Melbourne house values have only increased by a mere 1.6% between March 2020 and May 2023, which is significantly lower than other capital cities in Australia.
Subscribe to our newsletter for the most up-to-date information on current properties for sale, including Off Market listings.