According to LJ Hooker, home buyers can expect an increase in property listings in the New Year following this RBA’s recent announcement to keep interest rates on hold at a record low.
Chief executive Grant Harrod said the RBA’s decision to leave the cash rate unchanged at its historic low of 2.5 percent should keep the market busy over what was once traditionally the quiet festive period.
“It’s not only good news for the retail sector before the Christmas spending rush, but will also be welcomed by those who are considering purchasing next year,’’ he said.
“Many home owners will be making a New Year’s resolution to list their property for sale while it still remains in favour of the sellers, and today’s decision will add to their confidence.”
Mr Harrod said there has been increased speculation about when rates will rise and as a result it is expected many homeowners who have been sitting back watching the market are likely to act in the early part of 2015.
“They will want to make the most of this period of stability before it potentially becomes a buyers’ market.’’
LJ Hooker National Research manager Mathew Tiller said the RBA’s decision to keep interest rates unchanged had led to a pick-up in listings and increased sales.
Some price growth reduction and lower auction clearance rates towards the end of spring could bring buyers back to the market, who have missed out because of competition, he said.