Suburbs such as Warriewood, Beacon Hill and Narraweena are likely to experience a spike in real estate sales and strong prices on the back of the second interest rate cut in as many months.
With yesterday’s announcement that the Reserve Bank of Australia was cutting the official rate by 0.25 per cent to 3.5 per cent, agents said some affordable suburbs were now likely to see increased activity.
A local agent said the cut would help ease affordability issues and suburbs that are already getting good interest can expect an extra surge now that borrowing is easier. He says “I think Beacon Hill and Narraweena are seeing good interest and that will continue .”
The cut is positive for the peninsula market as it allows people to upgrade knowing rates are unlikely to go up in the near future.
Source: Manly Daily 6th June