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Winter, Wonderful News …

By Jodie Wilson
The RBA’s two consecutive cuts, first in June and now in July including another 0.25 percentage point drop (Tuesday 2nd July,) has officially lowered the key cash rate to a record low of 1 percent. Fingers crossed now that the big banks will listen to Treasurer Josh Frydenberg and pass on the rate cuts in full to their borrowers.
By way of example if the bank passes on in full the rate cut : a borrowing of $384,700 at variable rate of 4.91 % over the life of the loan now means a borrower could save up to $21,000 (Domain).
This latest rate cut is predicted to assist in stimulating and building a stronger economy, create more jobs, and make housing affordability more available to everyone; sellers, buyers, first home buyers, up-sizers, down-sizers, investors will all benefit. The Coalitions unexpected victory in the recent federal election also contributed to economy stability as there were no policy changes to negative gearing and the capital gains tax discount.
Auction clearance rates have greatly improved as was evident just this last weekend 30th June – clearance rates were 75% (REA) which is the strongest for quite some time. This recent result suggests that price falls have slowed and more people are thinking about buying.
Locally, business is brisk for us here at Ray White Forest Hill and in particular for the City of Whitehorse. We continue to achieve very good results for our vendors, however as is the case at this time of the year we experience a genuine shortage of properties which usually contributes to higher prices being achieved. If you are curious about capitalising on the shortage that could financially benefit you please reach out and we will provide you with a likely selling range for your home and a tailored marketing campaign. Alternatively if you have any other real estate related questions feel free to ask and we will gladly assist you.
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