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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.

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“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
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