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RBA Announcement Gives’ Consumer Confidence

By Todd Alexander

Last weeks announcement from the Reserve Bank of Australia (RBA)  to leave the cash rate at 1.5% has many commentating on the future of Australia’s economic landscape. For the moment, the decision is a positive one within the real estate sector “It is great news, and gives buyers and sellers confidence that the interest rates haven’t changed and are still at historic low levels making the acquisition of cash still achievable” says Daniel Pym, Director of Loan Market – Double Bay.

Although the national dwelling values have dropped 0.7% since September 2017 (RP Datas – Core Logic), here in Sydney’s eastern suburbs we’re still seeing high demand for luxury homes with buyers still paying above market expectations. Ray White Double Bay’s Craig Pontey says 2018 looks promising “There’s a lot of buyers chasing very few opportunities and that’s why I think 2018 is going to be extremely strong. There is still a lack of quality stock but we have a lot of people looking to buy”

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