As we mentioned in A POST IN THESE PAGES just a few weeks ago, we’ve noticed that quite a lot of the data released this year has painted an increasingly positive picture for those wanting to purchase a property around Melbourne. This has been particularly relevant to many market entrants who have found market conditions quite challenging in recent years.

So it was interesting to see the media coverage this week looking at the latest Housing Affordability Index from PropTrack. This report showed that the time taken to save a deposit for a home by the average Victorian household has shrunk to its shortest timeframe since the early days of the Covid pandemic. In fact, this measure of housing affordability has been cut by around one year since house prices were surging in 2021.

That’s certainly good news for anyone wanting to get their foot in the door of our property market, particularly when so many economists are becoming increasingly confident that the first of several cuts to official interest rates by the Reserve Bank of Australia may only be a matter of months away. For example, the Australian Stock Exchange (ASX) ‘RBA Rate Tracker’ predicted that we will see four rate cuts within the next twelve months, and that was before the Federal Reserve in the USA set the scene by cutting their official interest rates by 0.5 per cent. While most of the major Banks are not forecasting a rate cut until next year, the Commonwealth Bank is still tipping the first cut will come on the first Tuesday in November this year, which would be a lovely bonus for everyone of Cup Day!

So, whether you are looking to purchase your first home, (just like the happy couple pictured did after purchasing a home through us in Epping recently), or you are looking to make your move to your next home, our team at Barry Plant Thomastown is always happy to help you with experienced and objective advice. So why not give us a call this week 9466 3233.

Regards,

Con Constantinou

Barry Plant Thomastown