Its good news for property owners!
Following last month's cut in interest rates, the Reserve Bank of Australia (RBA) has once again lower interest rates by a further 0.25% to a historic low of 1%.
It's a mix of good and bad news. Good for property owners, as this is likely going to bring more buyers back into the market, fueling a highly likely rise in property prices.
There is a reason why rates are cut though. RBA cites weak employment and economy performance figures as reasons for the cut. Cutting rates is an effort to spur the economy.
Follow the link to read the news release.
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