Weekend Wrap: Wild Weather & Rates Rising
What a weekend of wild weather, with Saturday seeing public warnings not to undertake any unnecessary travel to our area. It seems buyers heeded the warnings, resulting in very low turn-outs to open homes. Our local real estate market continues to...
What a weekend of wild weather, with Saturday seeing public warnings not to undertake any unnecessary travel to our area. It seems buyers heeded the warnings, resulting in very low turn-outs to open homes.
Our local real estate market continues to be flooded with property listings and many now over 30 days old. Postcode 2515 has 59 properties while 2508 has 26 according to realestate.com.au. With only one selling in each postcode each week it will take quite some time to clear this stock of properties.
The RBA meets again on Tuesday 5th July and expectations are another 0.5% rate increase.* Buyers are very aware of the rises expected and the mainstream media is publishing some dramatic drops in prices across all areas in 2022 and 2023. Whether this actually occurs in our area will depend on the current owners seeking to sell their properties and if they will drop their prices to meet the buyers’ new expectations. History shows our area does not drop as much as other areas, however, only time will tell!
Two sales last week:
17 The Grove, Austinmer $2,450,000 by Peter Armstrong AM Rutty
26 Annesley Ave, Stanwell Tops $1,720,000 by Julie York Raine & Horne
* UPDATE: On 5 July, the Reserve Bank lifted the official cash rate by .5 percentage points, taking it to 1.35%.
