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With interest rates rising, what are the options for Murraylands property owners?

Raine and Horne Murraylands’ Michael Cox and Casey DeMichele weigh in on the latest Reserve Bank decision.

Peri Strathearn

Jul 6, 2023 — 3 min read

This sponsored post is brought to you by Raine and Horne Murraylands.

Philip Lowe and the Reserve Bank of Australia have left interest rates steady this month, but there may be more increases to come. Photo: Lisa Maree Williams/Getty Images.

The Reserve Bank has finally given mortgage holders some breathing room this week, leaving interest rates unchanged for the first time in a while.

That’s the good news, after a series of near-constant increases over the past 15 months.

The bad news is that more hikes may yet be on the way.

Reserve Bank of Australia governor Philip Lowe said on Tuesday that inflation was still too high, and that “some further tightening of monetary policy may be required”.

“The (Reserve Bank) board remains resolute in its determination to return inflation to target and will do what is necessary to achieve that,” he said.

Here’s where your local real estate professionals can help.

Raine and Horne Murraylands’ Casey DeMichele and Michael Cox are here to help. Photo: Peri Strathearn.

Are you beginning to feel the pinch after four percentage points worth of interest rate rises?

Yes, the cost of paying off a mortgage has gone up – but you might be surprised how much the value of your home or investment property has increased, too.

One way of getting your repayments under control could be refinancing your home loans, whether with your existing lender or by taking advantage of an offer from a competitor.

Another option would be selling up and moving into, or investing in, something more affordable.

If you’re thinking of doing either of those things, you’ll need an up-to-date property appraisal.

Bear in mind that property values in regional South Australia have gone up 8.7% in the past year, according to industry analysts Corelogic; even an appraisal from six months ago could be out of date.

Call to Raine and Horne Murraylands today; Michael Cox and Casey DeMichele will be happy to help you figure out your options.

Milaina Gregory and the team can advise you on rental market movements and help you set an appropriate rental return for your investment property, too.

“You might be nervous because most repayments are going up,” Michael says.

“Instead of throwing your hands up and saying ‘it’s all too hard’, come and talk to us.”

More information

The team at Raine and Horne Murraylands are here to help you with advice on any real estate matter.

Visit www.raineandhorne.com.au/murraylands, call 8532 3833 or drop into the office at 4 Seventh Street, Murray Bridge.

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