It looks like the recent interest rate hikes have not deterred home buyers with our Professionals Real Estate office here in Bacchus Marsh being absolutely run off our feet.
As you all might have heard interest rates have risen three times in the last three months which is thought to have caused people to back off from buying new homes. In actual fact homes sales have increased by over 1% per month for each of the last three months and don’t show any sign of slowing down any time soon.
So why have house sales gone up when mortgages are higher? Well with a booming population and people recovering from the Global Financial Crisis it seems that property in Australia is in higher demand than it has ever been. People are also rushing to get properties at this time of year so that they can move in and be settled in time for Christmas day or the start of the New Year.
This is great news for home owners as it means that properties are being snapped up quickly and are getting good returns. In fact house values have increased in the Melbourne region by 12.6% this year.
If you are looking to buy a home then now is still a good time to get in the market as housing prices are only going to be getting higher for a while to come.
If there’s any way I can be of any assistance to you whether it be providing details about the benefits and disadvantages of certain areas, or being your eyes and ears when looking to buy, please let me know. And if you’d like to read further about the recent interest rate changes then leave me a comment and I’ll happily provide you with the information that you’re interested in.