How will the latest Rate Rise impact you? Sam's Property Buzz - May 2023
It’s been a year since interest rate rises started, and higher repayments are costing a typical home owner thousands more each month.
Meanwhile, the problems many first-home buyers are faced with are these:
- There’s simply not enough supply and choice on the market.
- Do you buy now or risk your borrowing power being reduced if rates rise again?
- Do you wait for rates to start declining but risk a rise in house prices?
What’s next for the property market?
Although many claim that this is a buyers' market, things appear to be changing. A quicker-than-anticipated turnaround in the market is being fueled by a blend of low supply, strong demand from migration, and the tight rental market.
The property market is driven by supply and demand. The currently lean stock levels are helping to drive clearance rates higher and put a floor under prices.
You don't need to be a rocket scientist to understand what the projected increase in migration will mean for prices in the years to come.
Call or text me 0480101966 and I will help you understand the local market, right time to sell and everything else you want to know about the value of your home.
YES Real Estate| 1300 032 669
