Any cut to the cash rate this afternoon (December 4) is not likely to have significant effects on the Australian property market until January, according to the chief executive of Rismark International.
Ben Skilbeck commented yesterday (December 3) that it is widely anticipated that the Reserve Bank of Australia's Monetary Policy Committee will slash rates once more when it hosts its December meeting – but as this is traditionally a relatively weak month for the property market due to the Christmas holiday season and the beginning of the summer break, this won't have much impact until the new year.
A quiet December means that buyers may wish to take their time making their final purchase decisions – and if you're looking to buy a house in the Illawarra, this could be a good opportunity to speak to MMJ Real Estate, who are experts in the local area.
Your agent can help you find the property that's right for you – even if it means taking your time to determine whether or not it's a good fit for your budget and lifestyle.
Mr Skilbeck made his remarks following the publication of the RP Data-Rismark November Hedonic Daily Home Value Index results, which revealed that dwelling values across the country remained flat for the month.
But while property values have seen little change since October, affordability is improving.
Last month, Housing Industry Association economist Harley Dale asserted that previous cuts to the interest rate, combined with growing incomes and slow but steady shoots of buyer confidence, all bode well for housing affordability.
And while buyers remain cautious in the wake of economic uncertainty both at home and overseas, Dr Dale noted that increased homebuyer action could spur new housing construction projects, giving a much-needed boost to the industry.
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