Can you believe we’re already mid-year, with another financial year just wrapping up? The property market and employment rates varied significantly from region to region, interest rates remained low, the cash rate mostly remained unchanged, and headline inflation increased in Australia, as it did overseas.
Here’s a quick snapshot of the 16/17 year as it was:
- The cash rate remained unchanged at 1.50% for most of the year.
- The property market varied considerably, with prices both rising and declining across the country. In areas where prices have increased, conditions are expected to ease in the foreseeable future.
- Interest rates remained low, with the depreciation of the exchange rate over the past three years helping to transition the economy following the mining investment boom.
July has started off slow with buyers stalling when making offers on property in Geraldton, however are still out there looking.
Our home opens were very busy on the weekend experiencing 8 – 10 groups through various properties.
The buyers looking at the moment are first home buyers.
There have been a few buyers from out of town here for the school holidays, looking to relocate towards the end of the year.
The hot buying zone is still $300,000 – $350,000.
Until next week
Best wishes from Lara, Warrick and Brendan