With wild storms threatening to disrupt property markets all around the country, winter has set in but activity hasn’t cooled!
The Reserve Bank of Australia (RBA) met for its June meeting last week and decided to keep the official cash rate on hold at 1.75%. With low inflation rates and the Aussie dollar creeping higher, forecasters are predicting that the next rate cut may come as soon as August.
Auction Clearance Rates
Despite a wild start to winter in many capital cities, property markets have been performing well around the country. For the week ending Sunday 05 June, there were 1960 scheduled auctions. Victoria had the highest number of auctions with 959 achieving a clearance rate of 71%. NSW held 654 auctions which achieved a clearance rate of 77%.
Home Values
During May, home value growth was strong across all capital cities except for Perth where home values fell by 2.65%. Sydney home values increased by 3.09%, Melbourne 1.63%, Brisbane/Gold Coast 0.21%, Adelaide 0.08%, Darwin 0.74%, Canberra 2.49% and Hobart 2.16%.
Contact us
Following the RBA’s decision to cut the cash rate last month, lenders have cut interest rates on home loan products across the board. Call us now on 0437 498 800 to check your rate on your existing home loan, or to switch to a fixed rate product. We can also access some amazing rates if you are a first home buyer, next home buyer, property investor or are just looking to refinance – so please call us today.
