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As we know, yesterday’s big news — the Reserve Bank slashed interest rates by 50 basis points, to 3.75 per cents. That’s twice the amount expected by most economists.
Focus of borrowers will now move to the ‘Four Bigs’, as wait to see to in what degrees they cut interest rates — will they pass on the full rate cut(we don’t think so!!) — and how soon.
Concerns in our construction industry are: Some people think our housing market needs more than the official interest rate for a real recovery. The weakness in the property market are obvious and not a one-rate-movement go, and it even can’t stop the house price falls!! Another opinion is this action will be a welcome shot in the arm for property prices on the local market.
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