Spring is typically an active time for the nation’s property market and, although we might only be a week in, 2014 is already giving reason for optimism.
RP Data figures for the week ending 7 September showed Brisbane’s auction clearance rate stood at 49.4 per cent, marking a slight improvement from the 46.8 per cent recorded the previous week.
There are various ways to secure Morningside real estate, and it seems that while auctions are gaining some popularity, other methods are perhaps still more popular.
Robert Larocca, auction market specialist at RP Data, explained how one of the most positive impacts on the sector has been the decision to keep the cash rate at an all-time low.
The Reserve Bank of Australia (RBA) announced on 2 September the rate would remain unchanged at 2.5 per cent for another month. It’s now been at this level since August 2013.
This should open up a wider range of competitive home loan products to the market, giving you the chance to select a finance option that’s suited to your individual needs.
Members of the RBA board said conditions aren’t quite right to raise or lower the cash rate, so it could be a while longer yet before it changes.