Cash rate drop makes perfect opportunity to buy a new home
NOW is the time to buy property, according to a Gatton real estate agent.
With interest rates at record lows, All Property Real Estate Gatton principal Kylie Hallas said the housing market was right for buyers to go ahead and purchase a new home in the Lockyer Valley.
Mrs Hallas believes the Reserve Bank of Australia's cut to the official cash rate on Tuesday to historic low of 0.75 per cent will give potential buyers another reason to make the jump.
"I'd like to think it will help those that are on the edge of the decision," Mrs Hallas said.
While RBA cut the cash rate by 0.25 per cent, the big four banks have not passed on the full rate cuts.
Mrs Hallas said it was disappointing for mortgage holders.
"It's a little bit disappointing they haven't passed on the full cut but at the end of the day they're a business that need to make money as well," she said.
"At least they've passed on some of the cuts, so that's better than nothing."
While discussion of the housing market is currently dominated by the affordability crisis in major cities, Mrs Hallas said the same was not the case in the Lockyer Valley.
"I think our affordability is quite good out here, and prices have remained fairly stable but affordability is definitely a bonus in this area," she said.
This affordability is spread throughout the region.
"I don't think you could pick any one pocket in particular because there's such a range of properties in every pocket," she said.
"There's such a range of properties everywhere - you can pick up a house in Gatton from anywhere from the low $200,000s to the high $400,000s if you like.
"It's just a personal preference of where people want to be and what they can afford."