Along with all Australian homeowners, Victorian families are feeling the pressure and strain of interest rate rises.
With the comment from The Reserve Bank governor Glenn Stevens that rates were now back at "average levels" this has not made the majority of homeowners any more comfortable with the latest rise. In fact, with 40% of families in mortgage stress, this is likely to see an increase in properties on the market for those that can’t afford their current mortgage repayments.
For buyers, they may have the opportunity to pick up a property at a reduced rate, but they’re probably going to experience more competition amongst buyers in the market looking t do the same.
People selling now are also going to be looking for cheaper homes, so the lower end of the market I predict, is going to heat up in the immediate future.
My advice to buyers is to do your research and know what you can afford before you purchase a property. To sellers, I would tell them to be careful not to sell their property below it’s worth. A fast sale can still be made at market value. Talk to me further if you’d like to discuss buying or selling in Bacchus Marsh and surrounding suburbs.