During August, Westpac raised home loan interest rates out-of-cycle and we expect other lenders to follow in the next few weeks. Auction clearance rates continued to weaken, and home values are stalling in most property markets. The recent interest rate rises are likely to cause these trends to continue during Spring, creating favourable conditions for buyers. If you’re planning on making a purchase, now is the time to arrange pre-approval on your loan.
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Property Market Snapshot