Interest Rate Relief for Private Real Estate Sellers

Private real estate sellers received some much needed relief yesterday when the Reserve Bank of Australia reduced the official interest rate by 0.25% to 7%. This is the first interest reduction since December 2001 and the talk amongst the professionals is that there is an 80% chance rates will reduce next month.

This is great for those property owners with mortgages as it offers some releif and perhaps an alternative to selling their property. For those property owners who have their property on the market it is great news as this reduction and the sign of more to come will lure those investors and proeprty buyers who have been in hibernation for the past 18 months.