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ISCOVER
Staff Reporter
The lower interest rates should encourage home buyers into the property market a new poll has found.
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According to Loan Market Group’s latest research, 88 per cent of Australians are keen to invest in property within the next 12 months.
Of the 786 respondents, 51 per cent said they were seriously looking at property while rates were heading back to historical lows and 37 per cent said they were keen to but want to be sure about issues such as job security.
Only 5 per cent said they had no plans to invest in property.
Loan Market corporate spokesman Paul Smith said successive monthly reductions in official interest rates by the Reserve Bank of Australia had been good news for consumers as well as the home finance, retail and property sectors.
“These rate cuts have also taken the variable interest rates offered by most lenders down below the 6.0 per cent mark,” he said.
“Home owners are seeing significant reductions in their mortgage repayments while there are very competitive rates on offer for those looking to enter the property market.”
Mr Smith said continuing concerns about the European debt situation and the slowdown in China meant the RBA could again lower the cash rate over the next few months.
“The big positive for consumers who have been wary of economic conditions and dealing with cost of living increases is that they don’t need to be concerned about interest rates rising any time soon,” he said.
