With the delightful change of seasons painting the streets in vibrant yellows and oranges, coupled with the recent decrease in interest rates, this autumn presents a promising opportunity for both buying and selling real estate.

 

Paul Whitney, from Harris Real Estate, explained that autumn typically performs well in real estate, and this year could be even more robust following the Reserve Bank of Australia’s decision to lower interest rates from 4.35% to 4.1%.

 

“Autumn is often underestimated as a good time to sell compared to the peak spring months, despite the fact that autumn house hunters tend to be highly motivated,” said Paul Whitney.

 

“This week’s RBA interest rate cut could change that dynamic, potentially bringing more buyers into the market this autumn.”

 

On Tuesday, the RBA announced its first interest rate reduction in four years, cutting rates by 25 basis points to 4.1%. This change offers much-needed relief to mortgage holders and prospective buyers after rates rose from a historic low of 0.1% to a 13-year high of 4.35% through 13 consecutive increases.

 

“A reduction in interest rates will likely pique buyer interest, as borrowing capacity is expected to rise and some cost-of-living pressures will alleviate,” Paul Whitney noted.

 

“With more buyers entering the market and increased interest, now is an excellent time to think about selling your home. A larger pool of buyers could create stronger competition for prime properties in the southern riverfront corridor.”

 

CoreLogic Research Director Tim Lawless stated that the interest rate cut will bring relief to borrowers as the autumn season approaches. “The most significant impact on housing markets may come from the boost in confidence brought on by the start of the rate-cutting cycle,” he added.

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If you’re considering selling this autumn, reach out to the Whitney team to discuss the latest market conditions.