Powered by MOMENTUM MEDIA
realestatebusiness logo
Subscribe to our newsletter SIGN UP

Feb rate hike doesn’t faze agents

10 December 2009 Reporter

The unemployment rate has fallen 0.1 per cent to 5.7 per cent in November, bolstering views that the Reserve Bank will raise rates when they meet again in February.

While the news highlights the strength of the economy, homeowners fear Australia’s resilience will result in another interest rate blow.

Real estate agents however, are less likely to be affected by the news, with figures from RP Data’s latest market index showing activity continues to remain high and significantly greater than where it was at the same time last year.

RP Data’s senior research analyst Cameron Kusher said the market was yet to see the anticipated Christmas slowdown come into effect.

“Last week was another very busy week for auctions, with almost 2,000 auctions held.  The weighted average clearance rate improved slightly, recorded at 71.5 per cent during the week.  The largest auction market, Melbourne, recorded an improvement in clearance rates at 78.4 per cent whilst the second largest market, Sydney, recorded a slight fall in clearance rates at 72.0 per cent,” he said.

According to Mr Kusher, each city and each property type has recorded a fall in average days on the market as overall conditions have improved markedly from 12 months ago, significantly improving selling conditions for vendors.

Feb rate hike doesn’t faze agents
lawyersweekly logo
FROM THE WEB
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast

Where is the biggest threat to agents in 2019?

3rd party lead generation companies
DIY models discounting sales commission
Prop-tech firms cutting out the agent value proposition
A yet unidentified proper disruptor – like Uber or Airbnb
None of the above. There is no threat.
Do you have an industry update?
REAL ESTATE BUSINESS NEWSLETTER
Ensure you never miss an issue of the Real Estate Business Bulletin. Enter your email to receive the latest real estate advice and tools to help you sell.