Spring into low rates following the RBA's September announcement
01 September 2020|4 minute read
The RBA continues to hold rates at 0.25 percent. It is expected that low rates will stay around for up to three years. This is the RBA's estimate for the recovery time of the Australian economy.
While the property market has been unsettled in the wake of COVID-19, many will be watching on to see if the property market springs back into action once the spring selling season kicks off.
Typically, spring is the busiest time of year for the real estate market, and there’s a good chance that this year won’t be any different.
While some people will continue to have nervousness about the property market, others are regaining their confidence and we are seeing a lot more interest in both buying and selling.
More people are coming to terms with the new normal as it impacts their day to day. For some people, the savings from lack of travel and social spending means a portion of the market are now ready to act on their property dreams.
For now, the property market itself remains restrained but steady, as lower supply keep values stable.
Moderate drops in property values were seen in the major metropolitan markets in the past months. CoreLogic daily data noted that in August, New South Wales and Queensland appear to be clawing their way back up to positive territory.
Our recent findings in the COVID-19 Property Impact Report shows that there is more confusion and uncertainty than ever. Your local Aussie Broker is there to help you understand your options, so you can have confidence you are getting the most out of your home loan.
The increased government schemes over the past 18 to 24 months means you could also be in a good position to get help with your property goals this year.
With some rough months behind us all, now could be a good time to begin looking ahead and taking action to make your property plans a reality.
As interest rates are at an all-time low and remaining low, now could also be a great time to talk to your Aussie Broker to know if you still have the right home loan for right now.
You don’t want to miss out on the right opportunity for potential savings. Your Aussie Broker is here to help you get started.
Recent times have cast doubts for some Australians who are planning to buy or refinance their home.