No doubt the Reserve Bank of Australia’s lunchtime meeting on the first Tuesday of every month is more exciting than the announcement that is made at 2:30pm. However, from an outsider’s point of view, it seems not much has happened during their regular gathering as official interest rates remain on hold for the 8th month in a row.
Low Interest Rates – Continued Optimism
Despite the colder weather, housing prices across the country continue to be red-hot. Not only have prices in the bigger cities increased, but other areas are looking good as well. For example, rural optimism is high – 28% of all Australian farmers believe their economic outlook will improve further in 2017-18. On top of that, 59% of farmers expect conditions and interest rates will remain stable, giving Australian country areas much-needed good news.
As we move towards the coldest point of the year, it’s a great time to look around your house and see how to add value, even if you’re not planning to sell in the immediate future. Here are some areas to consider:
- An external makeover. Never underestimate the importance of ‘curb appeal’. De-clutter your front yard, paint the outside or upgrade the landscaping.
- Add (or improve) a deck or terrace. The very nature of our climate means that Australians are big on outdoor living.
- Update your kitchen. This room can be the deciding point for many buyers. People want to picture their lifestyles as they look around a home – the latest tiles, bench tops and cabinetry will help fuel their imagination.
- A few easy changes even if you live in an apartment: enhance the floors with new carpet, or polish the wooden floorboards; repainting main rooms; add air-conditioning; re-tile the main bathroom or turn gloomy rooms into light, bright areas.
- Details, details. Yes, attention to detail is crucial – what you and your family have become used to can turn a potential buyer off in a heartbeat.
Adding value can allow you and your family to upgrade lifestyle and enjoy the fruits of your labour, and the cooler days make it easier. Come spring, you’ll be glad you did.
If you’d like an outsider’s opinion on what you can do, or discuss the latest interest rates news, your mortgage broker is always there to help.