The RBA announced earlier today that they are going to keep interest rates steady at 2% noting the weakening Asian market, strengthening US market and strong Sydney housing market as all relevant factors in the decision. See the decision here http://www.rba.gov.au/media-releases/2015/mr-15-15.html
Anecdotally, all Sydneyites have witnessed the ridiculousness of the housing market in Sydney and in my practice there appears to be strength in Brisbane and Melbourne as well. However, outside of these capital cities there appears to be more and more value buying opportunities opening up. If anyone considers themselves a bit of a picker don’t hesitate to click on over to the distressed assets for sale on our website at https://www.jonespartners.net.au/property-assets-for-sale
The general downturn in mining has also seen a large increase in the number of customers coming through our doors seeking relief from over encumbered investment loans on properties bought in mining towns. Bankruptcy offers a great solution to an individual with limited assets except for a couple of mining property that now are worth minus hundreds of thousands of dollars.
Business activity, whilst the economic data I read in its entirety appears to have a slight negative bias. My own anecdotal tests, such as:-
- the traffic floating around the city for people getting some work done
- the line at the coffee shop
- the line at the lunch shop
- the business floating through mine and my connections doors
All point positive. I am excited about the end of 2015 and 2016 so I hope you are too.