The Reserve Bank chose to keep official interest rates on hold this month following cutting rates last month. This is great news for anyone looking to buy a home or investment property, right? Of course it is, however with official rates now sitting at a record low of 1.75 per cent, the real estate market has started to again heat up, especially in Sydney and the Eastern Suburbs.
Most economists are tipping another cut in rates by the Reserve Bank in August, which is expected to further stimulate the market with both investors and home owners looking to purchase while these unprecedented low interest rates are available. Although winter is traditionally the slowest season of the year in real estate, with the old joke of real estate agents sunning themselves in southern Europe until the spring, this year could prove to be a warmer winter for Sydney real estate.
With the return of spring, the market traditionally sheds its winter coat and springs to life with many homes and investments properties coming onto the market. Spring is traditionally the busiest season of the year for buying and selling with everyone looking to find their new home or next investment and settling before Christmas. Spring is always a popular time to buy due to the influx of stock however as many people have been holding off all winter, there is also a lot more competition and naturally competition is exactly what pushes prices up, especially when the properties are going to auction.
If you are considering purchasing your new home or your next investment while interest rates are still at record low levels, don’t wait till spring to start your search. Decide what you want and need, and start the search now. Finding your dream home or the right investment is a huge decision, so take your time and do lots of research to ensure you are getting the very best deal, and you buy it at the very best price. Thorough research when looking for an investment property can be the difference between buying a cash cow or a lemon. And if you’re looking for a new home, it can be the difference between a home of your dreams, or a nightmare with issues that you have to live with for years to come!
If you don’t have the time or the desire to do extensive research and run around looking at every possible home contact us. We will look at hundreds of homes, both those that are advertised and also unlisted or off market homes, ensuring that you really do find the best home or investment, and then we will negotiate the sale to ensure you purchase at the best price and on your terms. We aim to make buying real estate in the Eastern Suburbs a pleasure by taking the hard work out of it.
We live and breath real estate in the Eastern Suburbs so please contact us for a confidential discussion on the home or investment you are looking to purchase.