The big news on the property front this week was the Reserve Bank of Australia’s decision to cut the cash rate by 25 basis points to 3.6 percent. This is the third cut this year, taking total reductions to 0.75 basis points since February.
While the interest rate cuts provide a boost to borrowing capacity, affordability remains a challenge for many, as household income growth has not kept pace with the significant post-Covid price growth of our markets.
Buyers are likely to remain somewhat cautious, and we anticipate continued steady competition for well-presented, well-marketed properties with market-aligned pricing.
For sellers, this reinforces the importance of presentation, promotion, and pricing, all underpinned by choosing the right agent with the right strategy to represent you, even in a tight market with improved borrowing conditions.
If you’re interested in understanding where your property sits in the current market and how we can help you maximise your investment, please reach out. We’re here to help.
