12 May 2015 By: Greg Hocking 0 Comment
The decision by the Reserve Bank to slash interest rates to just 2 per cent—the lowest level seen since the late 1950s—has given Melbourne buyers and sellers even more confidence in the local property market.
The major banks have already indicated they will pass on at least part of that reduction in their own lending interest rates this month. These further cuts could equate to significant savings for mortgage holders and will make the prospect of purchasing even more attractive for buyers who’ve not yet made their move.
This is great news for sellers who are contemplating a sales campaign in the months ahead. With auction clearance rates surging as high as 82 per cent, competition among buyers for quality properties has produced activity levels not seen since the last market peak in 2010.
With the number of properties coming onto the market tracking a little lower than the same time last year, competition among buyers is not likely to wane in the short term.
For an obligation-free discussion about your property’s potential in a winter sales campaign, contact us today.