Now that we have heard the news that the Reserve Bank of Australia (RBA) has increased interest rates, what does it really mean for those looking at buying or selling Sunshine Coast real estate?
We all know that the cost of petrol, food and life's essentials has surged. The Consumer Price Index (CPI) rose 2.1% in the first quarter of 2022, according to the Australian Bureau of Statistics. Interest rates are one the main tools used by the banking system to manage inflation rates. A rise in rates means it is more expensive to borrow money, and sometimes that leads to less demand for goods and services. So the RBA is raising rates to control inflation.
According to Domain's March 2022 House Price Report, the Sunshine Coast real estate market has experienced twelve consecutive quarters of increases. Across the board, Peregian real estate has been highly sought after due to the Covid migration north. This could mean a slow-down in prices which is good news for some and not so good for others.
The critical takeaway is that you need a real estate agent who knows the market and can get the best price for your property right now.
With our many years of experience, we've been through the market fluctuations and helped our clients with the most profitable strategies. Whether buying, selling, renting or investing, we know Sunshine coast real estate here at Steele Realty. It's essential to understand the market back to front. We're here to help you make an informed decision.
Because at Steele Realty, you can always expect a great deal more.