193: New South Wales Housing Prices to Remain Steady
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Housing prices in New South Wales should remain steady, according to CEO of Harcourts New South Wales, Walter Nanni.
In the latest issue of Harcourts’ MarketWatch, the organisation’s bi-monthly media newsletter providing comment on the market, Mr Nanni noted that while the Reserve Bank was expected to hold interest rates steady at 6 percent for the time being, another interest rate hike was likely toward the end of the year.
According to Mr Nanni, approvals had leapt up more than 8 percent to 14,288, 10 times more than most economists had anticipated. In addition, he said, company profits reported in at 3.3 percent and inflation accelerated to 0.6 percent in August, the fastest in three months.
“As the investment real estate market depends on supply and demand, prices should remain steady for a while longer, with some bargains in the lower end of the market whilst the middle of the market usually keeps steady and the top end of the market continues to move ahead. Those looking to invest should keep this in mind – real estate savvy people buy and sell opposite to the market: they sell when everyone is buying and buy when everyone is selling,” Mr Nanni said.
Source:
Harcourts Group Australia Ltd