The number of house sales in the Beecroft and Cheltenham area crashed after the November interest rate hike. Confidence in the market was savaged by this unexpected rise and by the media hysteria about the banks' "over the top" interest rate hikes. Last weekend of all the agents in the area four properties were withdrawn prior to auction, and no properties were sold. The value of properties sold in the last four weeks is the lowest in two years.
Sensing the buyers' mood, Ray White Beecroft hadn't scheduled any auctions over this period, but unlike most agents last weekend, we opened properties for viewing, and to our surprise had nine people through one of them and good attendance at the others!
The RBA has recently suggested that interest rates won't be going up for a while, and it seems that buyers are regaining confidence.
We will be listing several new properties in the new year, and the sales team are increasingly confident that, so long as vendors are realistic, this could be the start of a great new year for the real estate market.
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