Navigate the Market, Strengthen the Foundations: Andrew McCulloch on Leading Through a Rate Rise

The Reserve Bank of Australia's decision on 29 September to lift the cash rate by 25 basis points to 4.60 per cent has added another layer of pressure for buyers, sellers, investors and homeowners — and, Harcourts NSW CEO Andrew McCulloch argues, a fresh test of leadership for the real estate industry.

Writing in the wake of the rate decision, McCulloch says the fundamentals matter more, not less, when conditions become challenging.

"Markets will shift. Interest rates will move. Confidence will rise and fall. What we cannot do is control every external factor affecting our market," he writes. "What we can control is how well we understand it, how closely we stay connected to our clients and how consistently we deliver value."

Know your numbers, stay close to your database

McCulloch's prescription is deliberately unglamorous: know your numbers, stay close to your database, understand what is happening street by street, and have the conversations others may be avoiding — proactively, with vendors, buyers, landlords and tenants.

"Because when there is uncertainty, people look for clarity from the people they trust. That is where we need to lead," he writes. "Be the local expert. Be the trusted advisor. Be the person your community turns to when they want to understand what is actually happening, not simply what they are seeing in the headlines."

Activity is not the same as meaningful activity

The Harcourts NSW chief also draws a sharp line between being busy and being effective. "It is easy to respond to uncertainty by simply doing more. More calls. More campaigns. More noise. But being busy is not the same as being effective."

The strongest operators, he argues, stay disciplined about the activities that genuinely create value and don't wait for certainty before acting.

"I've seen market cycles create some of the strongest operators in our industry. Not because the conditions were easy, but because they stayed disciplined, visible and focused when it mattered most."

Clarity for teams, not just clients

For business leaders, McCulloch says the same discipline applies internally: teams need to know what matters, where to focus, and that their leaders are there to support them.

"We can't control the market. We can control how well we navigate it," he concludes. "Keep strengthening the foundations. Keep showing up for your people. Keep earning the trust of your community. And keep moving forward."

Andrew McCulloch is CEO of Harcourts NSW. This piece was contributed to Real Estate Today Australia following the RBA's 29 September 2026 rate decision.