Bright Days Ahead

After what felt like the longest January on record - I have it on good authority that February is now officially the new January. In other words the kids are back at school and everyone is back at work and the market is starting to hum again...phew 😅!

It's no secret that, as a nation, we're world famous for our fixation on the property market.

We love buying it, selling it, analysing it and mostly whinging about how bloody expensive it is 😩.

It dominates the headlines, the news media and our conversations and in the last few years particularly, we've strapped in as interest rates have climbed and hung on with our fingernails while we watched the cash rate rise.

Last year's monthly RBA meetings reminded me of the old pandemic days when the masses tuned each morning in to see what the daily Covid count was.  Would interest rates go up again? Mortgage holders watched and waited nervously with baited breath.

I mean as a kid - as if you had any idea when the Reserve Bank Board meetings were on? OK well maybe you did, if, like me, your Dad was a real estate agent in the 80's and interest rates were 18%.

The good news is, next Tuesday when the RBA meets for the first time this year, we (fingers crossed🤞🏼) could have the biggest property story of the year on our hands.  It's been widley predicted by most of the major banks that not only will there be an interest rate cut for the first time in a very long time, but there will be between 2-5 rate reductions in the next 12 months.

Whatever happens - it feels to me like we're turning the corner on the current property cycle and in my humble opinion, what a great time to buy it is.

And as the pressure cooker cools it's jets a little, I'm going to speculate buyers are in a position right now where they buy today on their own terms, or wait 6 months and run the risk of having to turn up to auctions and compete amongst the frenzy.  Just my 2 cents.