Estate agents yesterday said since the rate cut there had been a sharp increase in activity, with phones running hot the moment the cut was announced.
Zak Smith from LJ Hooker Everton Park said he had noticed an increase in buyer interest immediately after the RBA announced the cut.
“The moment the announcement was made my phone started ringing,” Mr Smith said. “I had three calls on the same property within three hours of interest rates dropping. It’s a great boost because normally this is when the market can slow down.”
Mr Smith said a home at 903 South Pine Rd, Everton Park, had received a lot of new interest since the announcement.
“It’s a brand-new, massive two-storey home, so there’s a lot to like about it,” he said. “It’s just been reduced to offers over $499,000, which is a great deal. The buyers are out there still and with the interest rates cut, they now have a lot more incentive.”
New figures from RP Data show the property market is now a lot more positive than last year.Home sellers in the northern suburb of Deagon faced a bleak prospect last year. Median house prices were down 17.8 per cent, and the time on market was a frustrating 132 days.