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Kim Ward, Sales Director of Sandhurst Real Estate comments on Tuesday’s interest rate reduction.

We will all be pleased with a slight drop in interest rates announced by the Reserve Bank yesterday. It will amount to a saving of around $60 per month for the average mortgage which is not a big deal but better than nothing !

I think the impact that this slight rate reduction will have on properties at Sandhurst is that buyers can now see that rates have stopped increasing and that further moves in rates are likely to be down – which is a good sign. Over recent months I have spoken to many prospective purchasers who have held off from buying because of worries about interest rates. This will make many people feel more relaxed about buying.

I don’t see this having any real impact on property values, which have held up remarkably well when considered against properties across most of Melbourne. I am hopeful that buyers will feel a bit more relaxed and happier to commit to a purchase and that will mean a few more buyers back into the marketplace to purchase.

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