There was no spring-cleaning happening at the Reserve Bank of Australia. As expected, the Board decided to keep official interest rates on hold at the record low 1.5%pa. Nevertheless, dusting off the cobwebs after winter always brings a sprightly step into the housing market.
The psychology of spring is one of change – from diets to housing choices. It’s no wonder that, come this time of the year, more people consider a move.
Real Estate Institute of NSW president, John Cunningham, says the mood of both sellers and buyers tends to change as spring begins. “As the flowers come out and the grass grows, mindsets become more dynamic as we come out of the winter hiatus. People feel a lot more optimistic and confident, and that’s the key to all markets.”
Buying or Selling – Low Interest Rates can Help
Many people are keen to think anew and begin to consider the possibility of selling, while others decide it’s a good time to upgrade their current property. New carpet, a coat of paint and a tidier garden can completely change the ambience and help it sell faster when you are ready.
However, if you have decided to look for that new home or investment property, with interest rates so low, experts suggest that you secure your financing early. Because property sales increase in September, October and November, lenders typically need to handle an increased workload. The result – longer approval times, which might mean missing out on that perfect home or maybe locking in those low interest rates.
If a new purchase before Christmas is on the cards, give us a call now so you don’t miss out.