The Reserve Bank meets today and the consensus is that that there will be a rate cut of .25% and with a Federal Election date now booked in this is good news for buyers. Yes I say buyers! Not since Winter 2003 have I seen a shortage of listings like this winter, where buyers come through an open house and eye their competition, recognising other buyers as bidders at the previous week’s auction, both being outbid by someone who went the extra $10,000.
In the current market buyers have to be ready to pounce, think twice and you will miss out. Mind you with fixed interest rates below 5%, it is a great time to be buying, there just needs to be more on the market for all the buyers currently looking.
Hopefully with the certainty of an election date and spring around the corner more people will decide to sell in the coming months and current buyers will be unpacked and moved in for Christmas 2013 in their new home.