Interest is climbing
Last week the RBA announced an increase to the cash rate. The knock-on effect of this is typically an increase in both interest rates for mortgage holders and that dreaded “hidden tax” known as inflation.
When interest rates rise we see a couple of things happen: The first is a drop off of buyers in the market as the “cheap cash” the banks were offering is getting more expensive, thus limiting the budget of home buyers. The second is an increase in supply with some mortgage holders feeling the pinch of the increased cost of living.
The good news is that interest rates haven’t increased (yet), and there are still motivated buyers in the market (for now), though we are seeing houses take a little longer to sell with fewer buyers in the market.
If you are thinking about selling your home within the year doing it sooner rather than later is more likely to yield a quicker sale for a higher price – and until the end of the month, we’re offering $1500 worth of free marketing to help you get moving on the tail end of this buoyant market!