Rate Cut to Strengthen Property Sector in Queensland
Last week (August 6), the Reserve Bank of Australia lowered the official cash rate for the second time this year by 25 basis points.
This is a positive shift for the Queensland property market, and will help to provide confidence for those looking to buy real estate in Surfers Paradise.
Not only will homeowners save how much they are paying towards their current mortgages through lower interest rates, but the option for purchasing additional real estate (for investing or upgrading) will become a more attractive option for many.
According to the Real Estate Institute of Queensland (REIQ), the property market in the state is "on the road to recovery".
"We have been witnessing improving sales activity and confidence levels for about six to 12 months now so today's rate cut will continue to provide more good news for our market," said Anton Kardash, REIQ president.
"All of the signs signal that this year’s spring selling season will be one of the best for quite some time especially once the federal election is behind us."
This easing in monetary policy may indicate that the upcoming months might be a good time to sell or buy Surfers Paradise or Main Beach real estate, as buyer confidence may further strengthen.