Interest rate cut brings welcome relief
Homeowners welcomed the Reserve Bank of Australia’s (RBA) rate cut this week. The RBA cut 0.25% off the official cash rate bringing it down to a record low of 0.5%. With lenders responding immediately to the rate cut, buyer sentiment is expected to pick up despite Coronavirus concerns.
Sydney housing values rebounded in February
With an increase in the national index of 1.1%, Sydney is holding its own as the best performing capital city with housing value rises of 4.6% in the three months to February 2020.
On an annual basis, both Sydney and Melbourne moved back into double-digit annual growth rates, with values up 10.9% and 10.7% respectively over the twelve months ending February.
The latest results, according to CoreLogic, continue the recovery trend that has been running since June last year, following a peak-to-trough decline of 8.4% in the national index, with larger falls in Sydney (-14.9%) and Melbourne (-11.1%).
Since finding a trough last year, the national index finished February only 1.2% below its 2017 peak.
Auction markets go from strength to strength
The number of auctions and auction clearance rates are increasing week on week. Agents in most areas are confirming an increased amount of stock coming onto the market as vendors capitalise on strengthening market conditions.
According to CoreLogic 2933 capital city homes taken to auction across the country last weekend returning a preliminary clearance rate of 77.1 per cent, revising down to a final figure of 72.7%.
In Sydney, 1045 homes went to auction with a clearance rate of 81.4%, the highest results across the capital city market.
Northern Beaches had the highest clearance rate at 90.8% over 98 auctions and North Sydney and Hornsby’s clearance rate was 88.8% over 162 auctions.
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Novice Auctioneers Competition (NAC) starts tonight!
The first heat of the NAC takes place tonight in Double Bay, Sydney from 5.30pm. Come along to witness all the auction action as local budding auctioneers battle it out to become Novice Auctioneer of the year. With awesome auction prizes on offer along with free pizza, beer and wine, don’t miss out!
Bring your friends and colleagues to this fantastic competition, register now! We can’t wait to see you – it’s going to be a great event!
WIRE 2020: Inspiring and empowering gender equality
With International Women’s Day 2020 taking place this Sunday #IWD2020 #EachforEqual, REINSW continues to support gender equality and believes it is essential for economies and communities to thrive.
WIRE is one of the real estate industry's key events for professional development. “Our Women in Real Estate conference brings together women (and men) from across the country, and the world, to engage, inspire and empower women to take their careers to the next level,” says REINW President, Leanne Pilkington.
Speaking at the conference on 24 March will be Nerida Wood, REINSW’s Training Manager. She will speak about what the Industry Reforms and changes to the Residential Tenancies Act mean for our industry and they will affect you.
Register for WIRE today! Check out our full list of this year's WIRE speakers.
Want more?
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- If you're a member and have any questions call the REINSW Helpline on 9264 2343.
- Beat 23 March 2020. Get qualified. Save time and money having your experience recognised with Recognition of Prior Learning. Discounts offered for groups of five or more. Learn more.