Rate cuts make house buying more attractive

According to a recent straw poll by Loan Market Group, 62 per cent of the 785 respondents said they were now more interested to purchase real estate following the Reserve Bank’s decision to cut the cash rate.

More than 40 per cent said their interest had risen slightly while 20 per cent believed they were ready to buy now.

Loan Market Group spokesperson Paul Smith said 15 per cent of those surveyed were waiting for more interest rate cuts and 23 per cent reported that this month’s 25 basis points reduction – which lowered the cash rate to 3.25 per cent – had made no impact on them.

Source: The Adviser