Whether you’re looking to purchase your first home or already have skin in the property game, many with an interest in the real estate market have considered the same thing this week: how will they be affected by the latest interest rate rise?

After the RBA lifted the official cash rate for the first time in a decade from a record low of .10 per cent to .35 per cent, borrowers were quick to do the math on the impact that the rate rise would have on their monthly mortgage repayments — with approximately a million Australian home owners experiencing a cash rate rise for the first time.

The RBA’s announcement was also followed by talk of a housing market correction, which is to be expected after such significant gains over the past two years.

Earlier this year, CoreLogic’s National Home Value Index reported that housing prices were 22 per cent higher than they were at the same time 12 months prior — its biggest jump in three decades — while the median house price in the cities of Manningham, Whitehorse, Banyule and Nillumbik also soared.

For many, the gain in value their homes have experienced in recent years is likely to outweigh a correction of the market, which could be tempered by the reopening of international borders and subsequent increased demand for housing.

As I’ve highlighted over the past couple of months, there is still a high volume of buyers attending our auctions and open homes. Whilst various outlets have reported a drop in the number of bidders at auction, our offices are still experiencing an overflow of buyers and competitive buying.

Here’s a snapshot of homes that were successfully sold this week:

• 24 Carlton Court, Templestowe sold for $2,500,000
• 30 Lowan Avenue, Templestowe Lower sold for $1,165,000
• 77 Rowan Street, Glen Iris sold for $1,680,000
• 172 Manningham Road, Bulleeen sold for $1,125,000
• 2/21 Masons Road, Blackburn sold for $870,000
• 29 Mandella Street, Templestowe sold!
• 27 Frederick Street, Heidelberg Heights sold!

Currently under offer and will be sold soon:

• G02/1 Red Hill Terrace, Doncaster East
• 103/5 Red Hill Terrace, Doncaster East
• 1/22 River Street, Briar Hill
• 3/122 Main Road, Lower Plenty
• 12 Tamboon Drive, Greensborough

If you’d like to learn more about the current state of the market and what’s being forecasted for the year ahead, contact one of our sales agents today for an obligation-free chat.

Spiro Drossos

Director – Barry Plant Manningham, Eltham, Whitehorse and Ivanhoe