Comments by Ray White Chairman Brian White:
“Today’s rate cut to one per cent by the RBA, the second movement in as many months, will provide a further shot in the arm to the property market and will instill even more confidence following the Coalition’s victory in May’s Federal Election,” Mr White said.
“We’ve already seen a noticeable change in the atmosphere in the last few weeks with increased inspection numbers and people more willing to raise their hand at auctions again.
“Along with the recent Federal Election result, APRA’s policy changes and improved auction activity, this decision gives more confidence to buyers to enter the market knowing key downside risks have been mitigated.
“We had nearly 50,000 people attend our auctions in June alone, and we’re also now starting to see early signs of more listing activity.
“Perhaps it’ll now be perceived that there’s more risk in not acting in today’s market, than there is of not taking advantage and getting into or upgrading in the property sphere.”