Weekly wrap - Friday 9th April
11 years in business
We’re excited to celebrate our 11 years in business this month! That is a huge milestone for us to celebrate with donuts and all sorts of celebrations.
We would like to take the opportunity to say a big thank you to everyone: our customers, staff, business partners, and everyone that continues to support our business as they have over these last 11 years. We've had some massive support this week from everyone that's helped us celebrate. We’re really proud of how far we've come, even though it does feel like we're still only just getting started, which is really exciting.
Reserve Bank of Australia and cash rates
We read some interesting articles during the week and thought it would be good to chat it out. One was around cash rates and interest rates. There was some talk that they weren't going to raise rates for the next three years to obviously try to hold the economy and give us a bit of time, and that was sort of maybe the last six months. Then the economy recovered so quickly over this period that people were thinking, "It's going to happen at the end of this year".
So it’s interesting to see some more feedback from RBA come out this month, talking that they were confident a rise probably would not happen until 2024 at the earliest, so fingers crossed for everyone that it stays that way, because that would obviously be amazing not to see a real rise in rates or the cash rate at the moment. That would help keep boosting the economy along, so a little bit of good news.
We’re still experiencing a crazy market, so team up!
If you're a buyer, you're probably incredibly excited with how low rates are and everything that's happening. But it can be difficult to buy a property in the current market, and you might be experiencing challenges that would normally not be in play. A lot of that is around the shortage of stock. What does it actually look like for a buyer now to try and buy a property in the current market? So we talk a lot about the importance of having an A-team to help with that process. Obviously in the team is a broker, AKA us. But there are also a lot of other parties: a solicitor, a real estate agent, and a financial planner, or an accountant, or a buyer's agent.
We talk a lot about being organised on the finance side of things. But then, when you're going out to the market, you’d still hear stories such as, "I went to an open home and it was under offer by the end of the open home, or there were 30 people going through it." How to get an additional edge when you're out looking to be able to get into the market and to get a great buy? In Victoria and in New South Wales, the buyer's agents are really important.
Having someone that has the ability to secure properties before they go to market, understand what areas have potential for growth, potentially in the investment space, knowing where it is about to grow, where the infrastructure is going in and on what areas particularly: that’s valuable. We know there's a lot more interest around the regional areas; where are the little pockets that are about to get there? That's where you're going to get in and still get great buys, where you’ll be able to buy before properties are hitting the market. A buyer’s agent will be on your side, able to negotiate. That might mean a $20,000 to $40,000 difference that goes straight back into your pocket, so we’re seeing a lot more inquiry for clients working with buyer’s agents.
The beauty for us is understanding that, because we build these relationships with these different teams, we get to see the guys that have similar values to us, that work in a really similar way, and our clients connect really well with them, and they're really great at what they do. It is great to see Queensland embracing it.
If you're out there and you are struggling to maybe get into the market in certain areas, or want some assistance in trying to identify where to buy, if it's from the investing side, then definitely reach out, and we can get you in touch with a great team of buyer’s agents that work above and beyond.