Published on December 5th, 2012
Interest rate cut will ‘hopefully boost activity’
With the drop of 25 basis points from the official cash rate, it's a good time to talk with your bank about how much of the cut will be passed on to you.
That's the message of Elders Real Estate national franchise manager Brendan Whipps, who said that customers are not held to ransom by the banks, as the media say.
He commented: "Ultimately, banks are a business and they want good relationships with their customers because customers are what drive their companies.
"If you're a good customer, with a good credit history – talk to your bank or institution about finding out how much they can pass on to you. Shop around, find out if there is another place that will give a better deal."
It will certainly help as a stimulant for property buyers who are currently enjoying stable listing prices anyway, he added. The boost of low interest rates will hopefully increase the number of buyers and will be a catalyst for rising real estate prices.
And Brendan has talked with agents who are seeing some improvement in buyer activity across the country.
The success of the market really depends on the location, and areas that are involved in the resources boom are certainly seeing growth. Other regions are involved in a bit of a slump due to a lack of a pull factor – Brendan mentioned a town with a population of 12,000 where there are about 500 properties up for sale.
Talk to Elders Real Estate about how they can facilitate your property needs. Their experience and expertise will ensure that no matter what you want to gain from the real estate market, they will assist you in achieving that goal.
Find out for yourself why they were voted the best residential property agents in the country.