Interest rate cut Down Under
Australian property experts welcomed last weeks’ decision by the Reserve Bank of Australia to cut the cash rate by 50 basis points and urged Australian mortgage companies to pass on the savings to customers soon rather than later.
Property professionals believe the market needs more of a boost to encourage buyers’ interest in moving on to or up the Australian property ladder. Agents across the country report a lack of confidence across many sectors of the markets as homeowners count the cost of rising prices in day-to-day living expenses.
Industry experts agree that the public’s perception is that the market is flat and buyers appear more cautious when looking to make their next move.
Many insiders believe that further interest rate cuts may be needed in the coming months to instil confidence among buyers and sellers alike which would help to increase sales figures.