Paul Castran

Eoin Blackwell, associated with the AAP wrote an informative article that gives a ray of hope to the home owners amidst despair. An extract is as under:

The Reserve Bank has indicated that the continued increase in interest rates is likely to discontinue from June1. During the beginning of May, the RBA had increased its benchmark interest rate. This helped in bringing back the borrowing rates to average level despite an increasing concern about the impact of European debt crisis. However, the central bank also indicated that it may not increase the cash rate again for a certain time-period. Therefore, the borrowers can possibly heave a sigh of relief.

As per the proceedings of its meeting in the month of May, the RBA stated that it had increased that cash rate from 4.25% to 4.5% during its board meeting held on May 4. Subsequently, the borrowing rates were brought back to the average levels that existed a decade ago.

“On balance, members judged it prudent to undertake some further monetary policy tightening at this meeting,” the minutes said.

“They noted that, if lenders responded as expected to another rise in the cash rate, interest rates faced by most borrowers would then be at around average levels over the past decade.”

This was for the sixth time that bank had increased the cash rate since the month of October during the previous year.

Mark Forytarz and Paul Castran, two eminent persons from the renowned real estate enterprise Castran Gilbert have many years of industry experience. The two have presided over several real estate sales. Paul Castran and Mark Forytarz continuously share their views about the developments taking place in real estate sector.

Bronwen Gora, associated with Sunday Telegraph wrote an interesting article about the market conditions in Sydney. It seems that the situation is heading towards a normal. An extract from the article:

THE Sydney housing market gave an indication of some slowdown as continuously increasing prices and rising interest rates drive away prospective buyers. During the last week, Residex figures confirm that auction clearance rates decreased from 73.5% to 62.5%, exhibiting a fall of above 10%. Although the real-estate year witnessed an optimistic start, the slowdown soon followed as clearance rates averaged to 80% during the first three months.

John Edwards, the managing director of Resided urged that interest rates, economic crisis of Europe, high domestic prices and nervousness were responsible for a drastic fall.  “It’s normal for clearance rates to slow at this time of year, but we’ve suddenly had a 10 per cent fall since the last interest rise,” he said.

The buyers woes were further aggravated as the property prices in Sydney witnessed an increase of 17% during the last 12 months to April this year, an “astonishing” figure as stated by Mr Edwards. The average yearly growth rate for Sydney is 6.7%.

Independent auction house Cooley Auctions noticed that the clearance rates decreased from 80% to 50% during the first week of May itself.

Mark Forytarz and Paul Castran, the two pillars of Castran Gilbert have years of experience in the real estate marketplace of Australia. The two have presided over several real estate sales during their careers. Paul Castran and Mark Forytarz actively express their views about the existing situation in real estate market.