Rate watch: The Real Week Ahead with REINSW CEO Tim McKibbin

“It looks likely that the Reserve Bank will increase interest rates tomorrow and if this
occurs, the banks can be expected to follow suit quickly thereafter.
“Mortgage holders know a rate rise is coming and while they may have adjusted their
mindset for this eventuality, it will still be felt in the hip pocket.
“In the context of skyrocketing energy costs, high petrol prices and other cost of living
pressures, forking out extra in repayments will have a noticeable impact for many
people.
“Interest rate increases can typically have a dampening effect on house prices but at this
stage of the cycle, we’ve already seen prices level out in recent times.
“Flat price growth is a trend that’s likely here to stay, for the short term at least.
“Clearance rates have marginally improved in recent weeks to sit around the 60 per cent
mark, which is highly credible given the increase in volumes following the election
disruption. We expect this trend to continue as well.
“It adds up to the NSW real estate market being in a healthy state as we come into
winter.
“The REINSW Roadshow is in Sydney this week, where the team will visit industry
members and representatives in Dee Why and Castle Hill.”
All quotes can be attributed to Tim McKibbin, Chief Executive Officer, REINSW.
For additional commentary on these topics and all other matters related to the
NSW residential market, contact:
Tim McKibbin, Chief Executive Officer, REINSW
Mobile: 0415 931 013
tmckibbin@reinsw.com.au
About REINSW
The Real Estate Institute of New South Wales (REINSW) is the peak industry body for real estate agents and
property professionals in NSW. It represents more than 2000 agencies across residential sales, property
management, commercial, strata management, buyers’ agency, agency services and auctioneering.
Established in 1910, REINSW works to improve the standards, professionalism and expertise of its members to
continually evolve and innovate the industry. It lobbies the government and industry on behalf of members,
develops new products and services to benefit agencies and professionals, and offers training and ongoing
professional development. For more information, visit reinsw.com.au.