RATE CUT TO STIMULATE MARKET
The Reserve Bank of Australia's delivery of an early Christmas present for Australians was welcomed with open arms by the real estate industry - a one per cent cut in official interest rates! A total of three per cent has been cut from the official rate since September.
With interest rates now about as low as they've ever been and a raft of Federal and State Government incentives assisting buyers, there's almost never been a better time to enter the property market. What's important now is that the banks pass on the rate cut in full.
Property prices have adjusted all around Australia and enquiry rates suggest that many Australians are now waiting for signs that the market has bottomed before buying.
Consumer confidence rose 4.3 per cent between October and November, largely on the back of falling living costs, so the likelihood that there will be a significant lift in buyer activity in the New Year is very real.
