November 2022 Real Estate Market Update
October 31, 2022Ninja in a Blazer – 17th November 2022
November 16, 2022We’re still declining faster than any other correction, but as you can see from the 2008 correction, it took a number of rate cuts before the house prices turned and started heading upwards.
My theory is the market went up so fast, and it’s going down so fast, but how long will the decline last, I can’t see it lasting as long as 1989.
Buyers are seeing their borrowing capacity take a hit each and every rate increase. This is forcing them to commit to the market, and probably not in their favoured location.
The buyers who locked in rates at 2% fixed for 2-3 years are going to get a rude shock when they come out of their period and it’s double or triple what they locked in for. This is when the stressed sales will occur. They’ll quickly be looking to refinance to interest only to make life easier for a little while. If you’re in this boat, get in contact with me to speak to a great mortgage broker. You will have saved $20,000 in interest payments, so you might need them.
I purchased 2 months ago as I thought my borrowing capacity might take a hit, I knew interest rates couldn’t stay at rock bottom, but in my opinion, we’re now closing in on the peak of rate rises, there might be a couple more yet, but ultimately we’ve had 7 in 7 months, so it might hold steady for a few months, before coming down again.
If you’d like a suburb sales report sent directly to your email, please visit the link below as we’re getting these out at the moment. You will receive Quarterly Suburb Reports direct to your email with data gathered by us, to save you from having to do the research yourself.
In other news, Harcourts Queensland is planning an Auction Festival for the first week of February 2022. As most people are searching major real estate portals in January and people are wanting to make their moves early in the year, an Auction campaign during January with an auction on February 5th will put your property in front of buyers looking at 100 properties, there will be some major marketing associated with this event, so the increased exposure should help to capture more eyes and more buyers inspecting. Get in touch if you’ve been considering selling in the new year and this sounds intriguing.
