Interest Rate Pressure
The recent move by the Reserve Bank of Australia to increase interest rates for the 12th consecutive time, pushing the average standard variable rate to 9.25 per cent has placed pressure on a lot of home owners who currently have their property listed on the market.
The natural instinct of property owners who can’t afford increased mortgage repayments is to reduce the price of their property in hope of a quick sale. This might seem like the only option and in some instances is the correct solution, but before you take this drastic measure make sure you have exhausted all other options.