Ewan’s Hot Take: Comments on the property market after interest rates increased

The Reserve Bank of Australia has increased interest rates, which could have an effect on the property market. The interest rate increase has caused buyers to be more cautious and conservative in their transactions. However, last week Morton saw the biggest week of buyer inquiries so far this year. Vendors are being cautious, but there is a good chance they could get a good price due to the low volume of stock. Auction clearance rates are sitting at around 80%, which means there are still plenty of buyers in the market. The overall interpretation of the market is positive, with buyers wanting to buy and vendors potentially getting good prices.