26/09/2024
Today, the RBA kept the official cash rate at 4.35%, a decision expected by many as they await more data to guide their next move. This decision will bolster buyer confidence, as any talk of rates rising is now behind us and the prospect of the first rate cut gets closer.
Despite some moderation in price growth, buyer activity remains robust. Auction clearance rates have consistently hovered around the 65% mark, indicating that buyers are still active in the market and sellers are benefiting from a competitive environment.
Across the LJ Ho**er network, we have seen a clear rise in market activity, with appraisals up between 12-15% month-on-month. This suggests a long pipeline of additional properties set to come onto the market over the remainder of the year and into 2025.
Looking ahead, the property market outlook remains positive. With limited supply, steady buyer interest, and speculation about imminent rate cuts, we anticipate continued stability and growth in property values. The RBA’s cautious approach, along with stable employment figures and easing inflation, should provide a solid foundation for a confident market as we move towards the end of the year.
