This week we welcomed the RBA’s decision to cut interest rates by a further 25 basis points, now leaving the cash rate at 3.5%. Certainly it’s our belief that this decision is inline with the changing tide in Australian property market. The second interest rate cut in as many months, it supports the shift in real estate, where in QLD especially the floor has been found and in the month just passed significantly increased transactional numbers have been recorded- up 23% from May 2011.
Property owners will see some budget relief in the coming months as the 0.75% rate reduction in rates starts to flow through the lenders and into the family budgets. We also expect to see the number of ‘pressure based sales’ to reduce as property owners benefit from the reduced holding costs.
With a soon to be noticeable tightening supply of property in our local market, it’s expected this will create upwards pressure on prices.
In the month of May, the Ray White Group sold over $2.4 billion in property.
Dan Sowden
Ray White Maroochydore’s inaugural auction event held at The Altitude Nine Function Centre marked a significant achievement in the local real estate market, drawing an impressive gathering of more than 150 people plus almost 400 online market watchers. Demonstrating the strength of the property market, the event booked an outstanding … Read more
Today marks a momentous day for Ray White Buderim, as owner of 25 years, Brett Graham, hands the baton to new leaders Dan Sowden and Jake Loiero. Established in 1999, Ray White Buderim has grown to be a well respected brand within the Sunshine Coast real estate industry. Fast forward … Read more