Saturday, October 10, 2009
Bugger...it has begun!!!! October, 2009. The month the rates began making a smiley face.
The talk about interest rate rises is no longer idle chit chat, as, I'm sure all of you are aware, a 25 point rise has finally occurred. AND it appears we are going to very quickly head back towards the heady days of the average mortgage being in the 7-8% range.
Now is the time to watch the market. What will happen, especially after the next rise? I predict that all of a sudden the market will be flooded with "investor offloads", followed closely (in about a year) with the "ops, I'm in too deep" first home buyers exodus.
So lets stay tuned. Lets once again tune our ears to the hype that will be created by the media, by real estate agents, by society. I can hear them now...."ha ha, told you house prices drop." Luckily, they will be from renters. Unluckily, they are going to find an increase in their weekly rent. :)