As expected, the RBA kept the official cash rate on hold again at its November Melbourne Cup Day meeting. Forecasters are predicting no rate rises until late 2020 and don’t rule out the next move being a rate cut, considering declining home prices. However, despite auction clearance rates falling below 50% in most markets during October and plenty of properties up for sale, most markets experienced only marginal home value adjustments last month. If you’re in the market to buy a home, see us now about a home loan pre-approval and get ready to negotiate for a great Spring bargain.
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Property Market Snapshot