2000 reasons to act now
It’s been another positive week for the property market in Melbourne’s bayside suburbs, with a couple of news items emerging that would have pleased both the sellers and the buyers we’ve been dealing with around the City of Frankston.
Firstly, if you have a property on the market, or you’re planning on taking that step in the next month or so, the statistics our group published on the back page of the Realestate lift-out in Saturday’s Herald-Sun would have given you plenty of confidence about the level of buyer demand in the market right now. If you missed it, the Barry Plant network was able to achieve sales or settlements on over 2000 properties during August and September, all while the restrictions were at their tightest.
Of course, the recent data from the REIV showing just how well property prices have been performing through the worst of the pandemic would have provided plenty of reasons to smile as well.
For buyers, or even those homeowners who may be considering refinancing their home loan in the near future, there have also been signs recently that the Reserve Bank is looking at reducing official interest rates even further in the very near future. In fact, the economic gurus at the NAB and Commonwealth Bank have both recently forecast that the RBA will announce a rate cut from 0.25 to 0.1 per cent on November 3.
Realistically speaking, a rate cut of this magnitude won’t have a huge impact on most people’s home loan repayments. However, every little bit helps, and we’re pretty sure there are lots of locals who would like a little extra cash in the household budget at the moment.
The other positive news for buyers is that we are continuing to see some really good new listings hitting the market, and whilst the level of competition between buyers means that you need to be quick when you see something that interests you, any new opportunities are good news in such a tight market. If you’d like to see what our team at Barry Plant Frankston has available for your inspection, you can VIEW OUR CURRENT LISTINGS HERE.
As we mentioned last week, time is going to become increasingly important if you want to make your move in 2020, so don’t hesitate to give our team a call this week on 9781 3100. We’re always happy to assist in any way we can.
Cheers,
Barry Plant Real Estate
Frankston & Cranbourne