With rates at a 45 year low - what’s detering buyers…?
The RBA has cut rates dramatically since September in a bid to stimulate Australia’s weak property market but despite sales volumes picking up slightly in the past month, agents and analysts have ruled out any recovery, despite the recent 4 percentage point cuts since September, saying buyers are preferring to hold off until they see more signs of economic stability.
Job fears and economic insecurity are expected to offset any faint inkling home buyers might have to rush out and purchase property in the belief that rates and prices won’t go any lower. People are concentrating on their job security and general sentiment of the economy.
The recent rate falls have helped buyers in the more affordable markets and has eased the burden of those who were previously highly geared or suffering mortgage stress.
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