Pause at 4.1%: How RBA's Decision Benefits Home Buyers and Mortgage Holders in Australia
In This Week's How's The Market | Edition 54
Pause at 4.1%: How RBA's Decision Benefits Home Buyers and Mortgage Holders in Australia
The Annual Migration To Mykonos
Tiny cottage is one of Sydney's most expensive plots of real estate
Pause at 4.1%: How RBA's Decision Benefits Home Buyers and Mortgage Holders in Australia
In a much-awaited decision, the Reserve Bank of Australia (RBA) announced yesterday that it would maintain the current interest rates, leaving them paused at 4.1%. This news comes as a significant relief to home buyers and mortgage holders across the country.
Whilst by no means this is saying they have reached their peak, and there is still a further one or two more rate hikes predicted by many of the major banks and economists. There is a sense of relief that the RBA is actually listening to the public and seeing that many are struggling.
In the RBA’s media release yesterday they stated: “Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve. The decision to hold interest rates steady this month provides the Board with more time to assess the state of the economy and the economic outlook and associated risks.”
Typically, the weekend following the RBAs meeting will reflect sentiment and I do believe we will see more people out in opens over the next fortnight (especially as school holidays comes to an end).
This decision will also slightly increase confidence for those that may have been on the fence about buying whilst also providing relief to the Australian mortgage holders that are doing it rough.
What The Agents Are Saying
The annual migration to Mykonos…
This time of the year, being winter & school holidays is one of the quieter weeks in the real estate world.
And over this time, it is very common for many of the agents to take time off.
From the conversations I’ve had over the last week with agents, it appears nearly half of some of the more prominent agencies' offices are away overseas.
Particularly Mykonos, enjoying the summer life whilst we continue to work away in the beautiful Melbourne winter…
Though what’s happening to their stock and listings?
In times like this, many of the agents are signing up listings and getting properties prepared for the spring market.
As buyer’s agents, we are able to capitalise on this and get access to a lot of the spring stock and see it before it’s out on the open market.
The Wow Factor!
3701/23 Mackenzie Street, Melbourne, Vic 3000
Multiple Wow Factors in one!
First and foremost, there is a fountain in the living room of this 700m2 apartment on the 37th floor in the heart of Melbourne.
Secondly, a beautiful spiral staircase leads to a secluded master suite.
Thirdly, the spa in the bathroom is positioned in the middle of the room to create a centrepiece that gets to admire the incredible views of the surrounding city.
Price Tag: $7.2m
In The Media
Tiny cottage is one of Sydney's most expensive plots of real estate
A crazy example of where Sydney’s house prices have gotten to.
This 98m2 dwelling sold for $1,545,000 last week equalling a square meter rate of $15,765.
Final Thoughts
Whilst we are in a quiet week of real estate, I believe we shall expect to see confidence return slightly over the next few weeks, though many will still wait for the news of multiple cash rate pauses in a row.
If you’re in the market looking to buy, I believe there is a massive opportunity at the moment with heaps of off-market stock positioned for a spring market.
Thanks for reading this far!
We value feedback and if you have any suggestions on what you would like covered in the future please email me at tristan@tomii.com.au
Happy Buying!
Note: This is general advice and does not take into consideration your objectives, situations or needs. Please consider if this advice is suitable for you and your circumstances and speak to a professional before making any financial decisions.
