The Reserve Bank’s meeting tomorrow will have many people holding their breath
REINSW CEO Tim McKibbin
Everyone craves certainty on interest rates, specifically when they will stabilise to enable people to have greater financial clarity at such a delicate economic time.
Activity in the real estate market can be expected to continue its steady week-on-week increase with the holidays now well and truly behind us.
Early signs at auctions for the year are positive. Bidding has been quite competitive over the first few weekends with houses in particular attracting plenty of attention.
We can expect this to continue in the weeks ahead.
On the other hand, the competition for apartments has not been quite as intense. However overall, where vendor reserves are in line with buyer feedback, we’re seeing properties officially hit the market after only a few bids.
This is supporting encouraging clearance rates which we anticipate will continue.
More broadly, the cloudy economic picture and its impacts on an undersupplied housing market have become murkier still with the Chinese Government’s stance on mandating
international students to return to campus imminently.
The rental market is already at crisis point so this extra pressure on the demand side will have very concerning consequences for many people in the community looking for a home to rent.
Daily Bulletin
