Comments by Ray White Group Managing Director Dan White:
“Today’s further rate cut by the RBA is reflective of buyers’ belief that rates will stay low for the foreseeable future,” Mr White said.
“People looking at their next move in the property market are generally unconcerned by such cuts and we believe today’s move will have little impact in this sector.
“But we do highly recommend that buyers utilise a mortgage broker when looking to buy a property to ensure they receive any benefits this cut will provide.
“The optimism on the ground across the country for both buyers and sellers is palpable right now and that’s highlighted in our auction statistics.
“In February, we had more than 1750 auctions scheduled across Australia, a whopping 30.1 per cent increase compared to last year.
“We had nearly 50,000 people attend our auctions last month, with auction day clearance rates in Sydney and Melbourne sitting at 75.1 and 78.2 per cent, respectively.
“We’ve also seen average registered bidders, active bidders and crowd sizes all increase, and this rate cut will further energize a market that’s already buzzing.”