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The Pulse 13 Aug 2019

By Craig Smith

Last week we spoke about the lift in the market as Ray White Austar had experienced some of the best Winter selling conditions we had ever experienced. We are now sitting at 25 agreements month to date and seriously challenging our best August in terms of written sales ever.

Although we expected a further reduction in the Official Cash Rate (OCR) by the Reserve Bank last week the 0.5% magnitude of the cut was not expected. The inventiveness of this cut amply illustrates the appetite of the Bank to anticipate the need to act decisively and be “ahead of the game”. Although this will not see a matching reduction in mortgage rates we would expect to start seeing banks offering 2 year fixed terms around or even slightly under 3.6%. With interest rates already being so low, this will not create any further rush for buyers but will just make the process more affordable, helping to deliver positive expectations for the forthcoming spring.

These exciting times continue to be hampered by the lack of stock available on the market. With buyers being so active we are constantly in the quest for more property to satisfy this unseasonal demand. If you are thinking of selling call your local Ray White Austar agent.

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