The RBA made the call this week to keep the cash rate steady at 4.1%, which came as a surprise to no one.
So, what does this mean for buyers, sellers and people starting to figure out what’s next?
While of course another rate cut would be welcome with open arms, holding rates gives all parties more confidence to plot their next move.
For buyers: the market is making incremental gains
February’s rate cut gave buyers that little bit extra to work with and we’re starting to see more interest in the Central Coast market
While the RBA didn’t cut again this month, the fact that rates remain low is still a green light for buyers. If you’re in the market, now’s the time to get your finances in order, speak to your broker or financial institution and thoroughly understand your buying power so you’re ready when you find the right property.
While the market is moving slowly upwards, being ready can put you a step ahead of other buyers when it’s time to strike.
For sellers: the market is warming up
We’re seeing renewed interest. Property values moved upwards in NSW in February and March, showing that momentum is gradually building.
If you’ve been wondering whether it’s the right time to sell, the signs are positive. Stable rates can lead to buyers re-entering the market, and if your home’s presentation and pricing are on point, the opportunities are real.
What should you do next?
If you’re a buyer:
Speak to your broker or lender. Understand your borrowing power and explore your options. If you feel you’ll be looking to make a move soon, consider a pre-approval.
If you’re a seller:
Figure out where your home sits in the market. Getting valuations doesn’t obligate you to sell, but it can help plot your next move and weigh up any improvements you might be considering.
Do what’s right for you
At the end of the day, buying and selling isn’t just about playing the market. It’s about making the right move for you.
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Give me a call on 0421 742 752 or email me at paulhills@theagency.com.au if you’re ready to explore what the current interest rate and property market mean for you