Marshall White Weekly News Update
Usually a busy auction weekend, the first weekend of October this year coincided with the AFL Grand Final and the middle of the school holidays so there were very few auctions held in Melbourne. Marshall White auctioned only 2 properties, both apartments in the same Deco block at 539 Orrong Rd, Armadale. Despite the auctions being held only minutes apart bidding for both stylishly refurbished apartments was strong resulting in excellent prices.
$Million Suburbs on the Rise
RP Data reported on Monday that while house prices have been relatively subdued over the last 6 months there are now 40 suburbs with median prices of $1 million or more. This is the highest number of suburbs ever to have reached the $1million league.
Interest Rates on Hold Again
Once again the Reserve Bank board decided to keep interest rates at 4.75 percent when they met on Tuesday. It was widely expected that interest rates would not be raised against the backdrop of global economic instability. Mortgage holders will be pleased to know that the overriding sentiment is that interest rates will remain as they are or lower for the foreseeable future. Rates have now been on hold since last November.


