Home prices are going up and up!
Home prices in Australia have risen for the 10th consecutive month in October 2016.
The current demand levels have also been considered as one of the reasons why further cuts in official rates may not be likely in the near term.
According to a report from Business Times, the Reserve Bank of Australia (RBA) meetings reveal that “markets are pricing in a minuscule chance of easing after cuts in August and May 2016.”
According to a poll from Reuters involving 60 economists, all but five expected rates will remain at 1.5 percent because of how lawmakers have been alarmed about the overheating housing market.
The report also said that annual growth in prices fast-tracked to 7.5 percent, from 7.1 percent in September through the previous year’s peak was at 11 per cent.
“With ongoing strong value growth and high clearance rates in Sydney and Melbourne, as well as the debate around affordability gathering some momentum, there is likely to be further caution by the Reserve Bank around future rate cuts,” said CoreLogic research director Tim Lawless.
What does this mean for you?
Dealing with a rising housing market is always challenging. That’s why it pays to work with your local property experts that have the experience and insight to help you achieve your goals.
Whether you plan to rent, buy or sell, the support of good local property and real estate specialists can make all the difference.
Tradebusters Connect has a Top 3 Local Business Pick list of recommended property professionals in your local area to help you navigate the process.
Why not contact one today!