I was talking to a few of my finance buddies about 1 month ago & they were saying that the bottom of the Real Estate Market was about 2 to 3 months away (Sept or Oct) & the first Interest Rates decrease would happen in March 2009. Well with all the talk of the Reserve Bank dropping interest rates in September 2008 & Wizard Home Loans became the first lender to cut its variable interest rate in seven years.
Which all this means that the bottom of the Real Estate Market is probably here, also to agree with this is the buyer inquire has increased over the last 2 weeks. But as from the 1st September don’t forget the 1st Home Buyers of no stamp duty (tax) will increase up to $500,000.
The predictions for rate cuts are; that is the first of at least two, if not three, official Reserve Bank rate cuts this year.
So if you’re waiting for the bottom of the market for a good buy, I think the time is here NOW
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