I hope everyone had an amazing April, packed with Easter activities, long weekends and thankfulmoments! HARCOURTS PINNACLE IS GROWING ……… HELLO – PETRIE & STRATHPINE!April has been all about growth and expansion for our team and business. We are excited to announce we are opening a second office in Strathpine. We will be conveniently located next to The Cheesecake shop 😉 @ 486 Gympie Rd, Strathpine. Our second office will undergo a transformation and we hope to open its doors in early Spring. So please welcome our newest edition “Harcourts Pinnacle – Petrie / Strathpine”. The Moreton Bay area is a region our team are extremely familiar with. Repeat business and an incredibly strong market share allow us to set up a second home. For the past 15 years our team has provided undeniably expert and valued service to the Petrie, Strathpine, Morayfield, Warner, Bray Park and Brendale areas. Enabling a streamlined service to our existing and new clients, we can ensure our valued residential and commercial clients will benefit greatly. This expansion is a no-brainer, we can’t wait to submerge our area specialists into the community. Don’t worry – The original office is here to stay and will continue to provide the finest service to all our valued clients and I will remain based at the ASPLEY OFFICE – 1331 Gympie Rd MARKET UPDATE AND FORECASTSo, let’s discuss the elephant in the room – we have just experienced the first (in what will be a series of increases) rate rise in 11 years. The RBA board raised the official cash rate by 25 basis points to 0.35%, from a record low 0.1%. The following extracts can be found: https://www.realestate.com.au/news/reserve-bank-raises-interest-rates-ahead-of-federal-election/ RBA governor Philip Lowe has stated:● “Unemployment rate of 4% and probably likely to go lower and economic growth this year of 4%, we don’t need these emergency settings anymore”● “And it’s good news. I know many people don’t like rising interest rates but it’s a reflection of the underlying strength of the economy that we can move off these emergency settings”● “Australians knew that rates would go up at some point, noting households had saved an extra $240 billion over the past two years and the average owner-occupier was now more than two years ahead on their mortgage repayments” What impact they will have on the current real estate market? We recently came across an article on Yahoo Finance that shared a great perspective on why the market is unlikely to crash (it is possible and likely for a slight correction once the rush is over). ● The Average Australian is wealthier than ever – The average Australian has more savings than ever before and 30% more equity in their home compared to two years ago● No sign of mortgage stress for the majority of borrowers● Banks are being conservative with stress testing of loans – banks are lending buyers less than what they can afford right now● Rising interest rates haven’t made the property market fall in the past● We are still facing a housing shortage heading into the future● Overseas migration is going to pick up● Australia is on the verge of a rental crisis which will protect the housing market, as investors will not face the risk of having a vacant investment WHAT ARE WE SEEING ON THE LOCAL LEVELThis quarter our total sales volume has increased from previous years. April 2022 increased by 15% in total transacted properties compared to this time last year. We have seen a shift in buyer urgency in terms of open home visitors and offers at particular price points. Affordability is playing a major role in the activity surrounding a property. Overall, the results are still amazing, prices are still at a peak and the market is still going strong.