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Most economists and the big banks are predicting an interest rate cut when the Reserve Bank meets this week.
The ANZ bank said it now expects the RBA to lower the cash rate by 25 basis points next Tuesday and for the bias to remain for lower rates.
Professionals CEO, Ted Piteo, said a further interest rate cut would be welcomed by the property market, particularly first homebuyers, adding to the affordability of housing for Australians. “Low interest rates also provide a solid environment and certainty for investors seeking to enter the rental market,” Mr Piteo said.
The Housing Industry Association (HIA) was another property stakeholder to anticipate a positive effect on residential building and the wider economy on the back of a further interest rate cut that would “help a construction industry that is currently stuck in a pre-election holding pattern”.