In good news for mortgage holders the Reserve Bank announced on Tuesday that interest rates will remain on hold for December.
A recent survey of 42 economists conducted by the Australian Financial Review predicts that rate cuts should start around August, 2024 as inflationary measures ease, albeit with potentially one more rise in the meantime.
Prospective borrowers and lending institutions would factor in a 2-3% buffer so this news should give buyers some confidence that these repeated increases are almost at an end.
Now is always the best time to buy property. Those waiting for significant price drops ultimately end up missing out on the capital growth they would have had, but for waiting. Purchasers are almost always assured of significant gains over the medium to long term, assuming the property is purchased at market value.
If you are thinking of purchasing your first home or investment, our team would be happy
to assist you with advice, inspections and a referral to an exceptional mortgage broker.
