Caine`s Weekly Update: Buyers Taking Longer to Leap

Welcome to the McFall Real Estate Weekly Update for another week.

As you may be aware the RBA again lifted the cash rate last week by 50 basis points to 2.35% the highest level since January 2015 and again increasing the amount homeowners are paying on their mortgage each and every month.

Despite this fact pre-approvals for home loans still remain steady. What we are finding is the average time from getting a pre-approval to actually finalising a home loan has stretched out dramatically.

While Victoria`s property market is experiencing a flat patch, I believe the long-term outlook is quite strong.

A big factor for this is the amount and type of properties on the market.
Many vendors have already sold their properties over the last couple of years when the market was “hot” and are not in a position to sell again so quickly. With all the talk about decreasing properties prices some vendors are scared to put their property on the market and risk getting a smaller return for their investment.

I am finding there is still a good number of buyers looking to purchase however due to a shortage of properties on the market they are struggling to find the right property for them. If a property is priced correctly and presented well it will sell.

 If you would like any help or advise with any Real Estate issues please don’t hesitate to reply to this email or call me on 0411132623.

I appreciate you taking the time to read this update.

Caine Hunter