Market Comment – Monday 5th November 2007

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Most people expect interest rates to rise by 0.25 percentage points from 6.50% to 6.75% when the Reserve Bank meets on Tuesday 6 November.

While this expected rise will effect many home buyers in the $200,000-400,000 bracket, the rise is unlikely to effect home buyers over $400,000 as most have factored into their budget the likelihood of an interest rate rise.

Interest rate changes are a part of life and as such, it’s very important to understand and prepare for these changes. The market is still very strong, and even with an expected interest rate rise, we do not expect to see any change to the market.

Ian James

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About the author

Ian has been operating his own businesses for more than 25 years. During this time the self taught lessons of building the business, dealing with staff, suppliers, clients and economic woes have been invaluable. Ian is a fully licensed Real estate Agent, a member of the REIV and registered with the Business Licensing Authority.

Buying property is not just sticking up your hand and outbidding your rival. It is an emotional, fiscal and psychological decision that needs to be planned and well executed. Ian is usually involved in over three hundred property negotiations per year; ranging from the $250,000 first unit purchase for a young couple to multiple million dollar residential developments. Ian's business background and endless numbers of negotiations make him one of the industry's leading negotiators.

Ian is married with two adult children, living in Patterson Lakes. He is a keen fisherman when weather and business allows the time.