Well, The RBA has again slashed Rates for the second month in a row! This will be warmly welcomed by first home buyers, mortgage holders and retail sectors. What it means for the current mortgage holders is that by continuing their original payments they are able to cut down the life on the loan by getting rid of interest. Something that all should be trying to do, reducing the debt they have whilst they are in a good position to do so.
First home buyers will also happily take the cuts, as when passed on by their bank they will be paying less at their current affordability when they do decide to buy.
What does it mean for sales? Well, we believe it will attribute to a slight stimulus in buyer activity in the market place. As listing stock is down, the “days on the market” for a property will most likely be reduced with a higher number of buyers out, meaning greater competition. We don’t believe this will flow through to an increase on housing prices, as for the year so far, buyers have still been very price sensitive, and those properties that are overpriced just will not sell. Buyers will choose to wait for something else to come up that presents better value for money.
If you’re thinking of selling, now is the time to start getting your property ready to do so. There has not been a better time in the past 1 to 2 years, with lots of buyers out, interest rates down and listing levels low. There is a fantastic opportunity to get results, and with Ray White Cannington assisting with the sale, the percentages go up even further.
With a total of 55 properties under offer so far this year for Ray White Cannington, our conversion rate to Unconditional is sitting at 92%. Days on market are sitting approximately 20 days under the current market average of 80.
If you would like to receive your Suburbs Market Review, or you missed out on last months issue, please send Cameron an email to firstname.lastname@example.org and he will get you a copy of your suburbs review.