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Lower interest rates 'could boost home buying'

The RBA's decision to cut interest rates looks likely to increase interest in the property market.

Australian property could forego its traditional winter slump if the Reserve Bank of Australia's (RBA's) rate cuts help boost the market, it has been claimed.

 

 

Anecdotal evidence suggests that various kinds of buyers are getting involved in the market across the country, reports the Australian.

 

 

Tim Foote, principal of Belle Property in Mosman and Neutral Bay, told the newspaper that investors are increasingly showing more spending power and more confidence in their purchases.

 

 

He added that motivated buyers continue to look for homes during the colder months, dismissing the concept of a drop-off in winter sales.

 

 

Mr Foote concluded that the number of people buying their first home looks likely to increase over the coming months in the build-up to the end of the government's first-time buyer grant in October.

 

 

Christopher Joye, financial economist and Rismark director, recently suggested in Smart company that the market looks set to improve in 2012.

 

 

Posted by Craig Francis

 

 

- joye, market, property, sales, prices, interest, rates

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