With restrictions set to ease from next week, the real estate market is expected to boom as buyers look to settle into new homes before Christmas. We see no signs of the market slowing down, only picking up as vendors begin to prep their homes to sell in the new year.
The RBA has again held the cash rate at 0.10% for the month of October. Even with much of the country in lockdown, new loan applications jumped by a huge 39% YOY in August, showing consumer demand has remained strong. Some banks however, such as CBA have notably mentioned that they are going to be more conservative in the distribution of bank loans as there are concerns of people’s ability to continually pay off the loan when rates return to normal.
Home prices are still on the rise with CoreLogic’s national home value index showing an increase of 1.5% in September, taking Australian housing values 17.6% higher over the first nine months of the year and 20.3% higher over the past 12 months.
With all this in mind, now would be the perfect time to sell or even just to see what your property could be worth. Sellers could potentially get more for their home now due to the shortage of stock as opposed to selling in the new year with many other homeowners and the possible increase of cash rates.
Please do not hesitate to call our office 9544 9688 or Dave Watkins directly 0414 866 888 for more information on the market or for a complimentary market appraisal.