Real Estate

Spring burst of sun warming up buyer market

SPRING has sprung and after months of uncertainty in the market from elections to interest rate cuts, we’re finally starting to see some stability.

The auction clearance rates have been higher as buyer interest has picked up but levels of stock on the market are still low. This invariably drives up prices.
We have seen a large increase in properties being sold off-market. This can be for a number of reasons; sellers ‘testing’ the market, it’s very private, saving on styling and marketing campaigns and less hassle with agents only bringing through targeted buyers.
In July, the growth in mortgages was the strongest it’s been in five years, since October 2014. This is a great shift.
Data also showed that first home buyers made up almost 30 per cent of the owner occupier commitments. It’s great to see that first home buyers are taking advantage of a less competitive environment and more affordable property prices.
With the recent cuts by the RBA, we have seen online lenders driving down interest rates, with the lowest we’ve seen of 2.74 per cent by Well Home Loans. The low interest rate environment is driving competitive offers for buyers, coupled with the home loan discounts, making it a great time to buy.
So, if you’re thinking about the perfect time to sell, this is it as stock levels are down and auction clearance rates are up.
If you are thinking about buying, you can take advantage of the most competitive interest rates ever seen.
We’d love to help you; call Amanda Gould, 0410 608 352 or Tony Day, 0413 696 722.