Melb family reveal energy efficient renovation ahead of auction timed for May rate cut
Yesterday's interest rate cut is just what Albion's Emily and Dean have been waiting for.
The pair have spent the past few years renovating and extending their family home at 33 Adelaide St, boosting its energy efficiency along the way as they sought to minimise bills.
But with the itch to find another project growing, the electrician and former interior designer turned analyst have listed their home for auction on May 31 in the hopes a rate cut will kick the market fully into gear and give them the best odds of selling well.
With the family yet to buy their next home, yesterday's 0.25 percentage point reduction to the nation's cash rate by the Reserve Bank was likely to add some heat to the property market to help their $1m-$1.25m home sale plans — but not so much that they would be left behind as they looked for their next home.
Reduced mortgage costs are a win in the short term and should allow them to take a family holiday, but the bigger plan is to upsize their life off the back of the rate cuts — and to better accommodate their growing children, currently aged 1 and 8.
'I think it's a good time to sell, and I think it's a good time to buy as there's some positivity,' Dean said.
'And it means you can be more comfortable spending a little more as everyone is getting more confident. So everything seems to be trending in the right direction for buying a home.
'Rate cuts are always good as they give you more options.'
Emily added that their home renovations, which expanded their original 1960s weatherboard to more than twice its original size and created a four-bedroom floorplan, had helped them cope with mortgage payments as energy efficient inclusions zapped their bills.
Ray White's Marcus Fregonese is handling the family's sale and said he was already seeing signs of buyers 'pricing in' future rate cuts.
While first-home buyers and young couples would be the first to act, especially in the $600,000-$900,000 price range, Mr Fregonese added that renovated family homes at the top end of the suburb's property market were also likely to see rising interest.
Bill saving features, such as better energy performance have also proven a winner with buyers lately, making the extra insulation and almost-all-electric fit out installed at No. 33 even more appealing.
'And I'm sure buyers will this week be having questions with their brokers about whether they have any more borrowing capacity and if they can bid a little more, especially knowing there's a probability of extra rate cuts on the horizon,' he said.
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