Property Update for the week ending Sunday 7 December

Today (Thursday) Reserve Bank governor Alan Bollard announced an unprecedented 1.5 percentage point cut in the Official Cash Rate.

This follows a full one percentage point cut earlier this year in October, and is in keeping with Australia’s drop in their OCR yesterday.

The new rate means that the major lending institutions are likely to also drop their home loan interest lending rates to suit.

This is of course good news for those of you still looking to purchase, and together with an easing back of property values generally speaking across the country, we believe there is no better time to buy than now. Of course, some may still question whether or not the housing market will continue to ease back, or if there will be further interest rate cuts to come - the answer is that may well be the case. But then again, it might not be either.

This dilemma can therefore be speculative. Instead, we are likely to suggest if you find a house that really does meet your needs today, don’t hesitate. Afterall, the interest rate is always going to go up and down like a yo-yo over time, but missing out on that dream property can be an opportunity that may not come around for some time.

Speaking of opportunity, please do take the opportunity to view this weeks selection of property from the team at JVL. Have a great week ahead.