Well, we all know what Melbourne Cup week means, and it isn't all about horses running around the track, or who has the most expensive tickets to the Birdcage, or who is wearing the most captivating fascinator, or who's placed the biggest wager... No. It means The Reserve Bank have met, and we have their ruling.

And there were no surprises, another 25 basis points on top landing the cash rate at 4.85% which is the highest since the GFC in November 2008. Everyone had pre-empted this increase and have without question factored in the amendment to any plans or decision making.  

In an interview last week with our CEO John McGrath, he stated that he considers the market was at or nearing the bottom. 

“This is my eighth market correction since I entered the industry more than 40 years ago, and it feels like the fastest fall in values I can remember,” McGrath said. 

However, the comment that resonated with us the most was that “The good news for anyone looking for the end of this free fall? History suggests the big cities are close to the bottom.” Even the best analysts can't pick the top or the bottom, but if you've seen it all before then sometimes there's a much better chance of reading the room. 

Also note, that historically when the market turns, it turns pretty quickly. The best strategy isn't just planning — it's executing while the window is open. 

Here's a link to the John McGrath article here. 

Now, before we sign off, we sent out a newsletter recently and received a fair few "Stop", "Unsubscribe", "Stop, Stop", "Stop!", and the list goes on... We were sharing some valuable information about our property market, packaged up in a light-hearted 'wrapping paper' that I thought might put a smile on a few people's faces — or at least leave you humming a David Bowie classic. 

The bottom line is, a large part of what we do isn't just the sale of residential property, it is becoming people's valued advisors alongside your doctor and dentist and at the moment maybe your therapist too.

So, in the reedy tones of Diana Ross and The Supremes, please "Stop!" (unsubscribing) in the name of love,  before you break my heart...