03 May This week in property: RBA decides, waiting to invest and more
Dominating our discussion this week is the biggest ‘non-event’ of the last year – the RBA’s decision not to move interest rates for the 19th month in a row. I say ‘non-event’ because it’s the only time something never happens and it makes all the news! For those curious to find out more about what’s going on, here is an interesting article from Business Insider.
There are a few forces influencing the market at the moment, one of the biggest being the banking royal commission and its flow on effects on lending, which are not expected to be relaxed any further. Should interest rates go up, further declines are likely (in some markets).
If you are thinking of taking advantage of prices or investing, now might be a good time to jump in if you’re in a position to do so, according to Westpac. On Property Observer, Bill Evans, chief economist at Westpac, gives his argument as to why no rate hikes are expected in either 2018 or 2019.
It’s never a bad time to consider investing in property. One of our favourite property writers, Michael Yardney, gives some simple steps on his philosophy on Yahoo. Despite the ups and downs, in the long term, it’s still one of the most reliable forms of investment.
Meanwhile, back in Sydney, check out this gorgeously quaint home which sold for $750,000 above reserve (yes, that’s correct) at the weekend.
Have a great month everyone!