Hello my name is Gerard McCarthy and I would like to welcome you to this month’s market report.

The RBA keeps the cash rate on hold at 1.5% for the 13th consecutive month now, and opinions suggests it may stay at this rate for the next 12 months.

However it appears the interest rate hikes targeting investors are having the desired impact as the heat continues to come out of the market.

Auction clearance rates have been around 68% for the last number of weeks suggesting there is still good activity in the market. What we are seeing is a tiered market place, we are seeing 3 levels of property out there, the first being the most sought after – properties that tick all the boxes and are selling quickly and often well above reserve.

The next level or second level are where most properties are trading at, these properties tick many of the boxes and are selling at or close to the reserve, while others are really struggling as they not quite what buyers are looking for. They are coming up short on, either location, the floor plan, the aspect, buyers are prepared to wait and see what else is going to come on this spring.

For the shrewd and patient buyer though, this market may present some good opportunities.

That’s it from me, we hope to see you out and about my name is Gerard McCarthy and thanks for watching.

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