Newspaper article Daily Examiner (Grafton, Australia)

Agents Welcome Surprise Rate Cut

Newspaper article Daily Examiner (Grafton, Australia)

Agents Welcome Surprise Rate Cut

Article excerpt

AGENTS and analysts have welcomed Tuesdayas interest rate cut, with LJ Hooker describing the move as ahistorica.

The Reserve Bank surprised many by announcing a cut in the official interest rate of 0.25 percentage points to a record low of 2.75 per cent.

aThe RBA is in uncharted territory now,a LJ Hooker deputy chairman L. Janusz Hooker said.

He said it was good news for mortgage holders and should put some money into their back pockets and improve housing affordability.

Mr Hooker said he was confident the banks would pass on most of the savings, which should give the market a push in the traditionally quieter winter selling period.

The senior economist of the Fairfax-owned Australian Property Monitors, Andrew Wilson, said there was no sign of a winter slowdown.

aA further cut in interest rates, when and if passed on by the banks, will provide continued stimulus to strengthening housing markets through autumn and into winter,a Dr Wilson said. …

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