Weekend Real Estate Wrap: Buyers were back

Buyers were back out in slightly higher numbers over the past weekend, shrugging off the election as history now. But the prospect of rising interest rates is making buyers more wary and they have more properties to choose from as well.

A few notable sales in the area:

30 Kilncar Crescent, Thirroul – $3,135,000 for a five-bedroom home with stunning bush and ocean views sold by Andrew Hedley at One Agency Kane Downie.

7 Hume Drive, Helensburgh – $1,330,000 sold by Elle Ritson at Ray White Helensburgh.

These sales were the highest in the respective postcodes for 2515 and 2508 over the past week. It’s hard to say what they would have went for during the recent peak, however, it is clear we are seeing some pressure on prices.

During its monthly board meeting on Tuesday, 7 June, the central bank, led by governor Philip Lowe, has aggressively moved to lift the cash rate from its current rate of 0.35 per cent to 0.85 per cent.

The rate rise of 0.50% continues to set the tone for a higher rate environment, off the back of record-high inflation and low wage growth across the first quarter of 2022.