SYDNEY, Nov. 8, 2022 /PRNewswire/ -- As the Reserve Bank of Australia raises interest rates to fight inflation, the seventh rate rise since May, "Jack" Operation Manager at City Removalist, has warned this latest increase rate hike could see some homeowners forced to sell their homes because they cannot afford their mortgage repayments.
With interest rates much higher than 2 years ago, some buyers are now off the market, and are delaying the removalists Sydney relocations.
The rise in interest rates have also made it tough on renters with increased headache of higher rents adding to the cost of living in Sydney market . The building industry itself has slowed down dramatically as the higher cost of building materials have reduced the amount of homes and apartment complexes being constructed and available to growing rental demand.
This has had a ripple effect within the Sydney removalists industry as homeowners who are wanting to move find it difficult as prices for homes have increased dramatically and as a result.
Additionally, the lack of supply in housing construction due to increased costs has made it difficult for renters to find new and affordable accommodation, most renters are staying put as rents and general living expenses are increasing in what were once considered "affordable" areas.
An increase in migration since Australia's borders reopened and a housing shortage have added to the demand for rental properties and are another underlying catalyst as to the increase in rent prices and effecting the removalists industry, especially in areas like Parramatta and Penrith of South West of Sydney.
City Removalist & Storage have cited that within the removalist industry, interest rates notwithstanding, there has been a marked increase in price regarding interstate removals due to the sharp rise in diesel fuel. This will have a knock on effect that will be passed down to the customer as not only home-owners and renters feel the pinch, but businesses as well.
The removalist industry has seen a distinct lack of demand in the last 8 months due to these knock-on effects and there currently seems to be no clear end in sight.
City Removalist and Storage are keen to reassure that these factors should not deter anyone from moving, especially when the job is being done by a trusted, well respected, and professional removalist company. To learn more about the other groundbreaking ways City Removalist and Storage help 100's of customers move safely and effectively, visit their website at www.cityremovalist.com.au
About City Removalist
It's hard to believe they started out over 20 years ago when one man purchased his first removalist truck. Fast forward to today and their fleet of over 45 trucks move entire households and offices across eastern Australia within 48 hours. They know the city of Sydney and its surrounding suburbs better than most as they have served not only Sydney, but Brisbane, Canberra, Adelaide, and Melbourne for over 20 years with quality service, professionalism, fairness, and integrity.
For more information, find us on https://www.cityremovalist.com.au/ or call on 1300 441 331 and our friendly staff will be more than happy to assist you.
Source: City Removalist and Storage