Interest Rates on the Move – The Reserve Bank lifted the official cash rate (OCR) yesterday by 25 basis points, from a record low of 2.5% to 2.75%, the first increase in 3 years. This was widely expected as the bank now starts to remove the rate stimulus, as the economic recovery is gaining hold and becoming broader*. The OCR is likely to continue to increase gradually, with economists expecting it to reach up to 5% over time. So if you are thinking of buying property or trading up, now is a good time to get in ahead of higher interest rates. If you or someone you know might be selling over the next 12 months, drop me an e-mail for a free and no obligation market opinion (leonie@leoniesnook.com).

Leonie Snook, Top Wellington Real Estate Agent