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