Will Interest Rates Affect Investment Market? |
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Written by Marc Pallisco
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Saturday, 19 August 2006 |
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Agents and industry analysts will eagerly await Melbourne’s auction clearance rate this weekend, to see what impact the Reserve Bank of Australia’s 0.25 per cent interest rate rise has had on the market.
Morrell & Koren buyers advocate director David Morrell said cashed up investors, who are prevalent in almost every inner-city auction, aren’t concerned at all about the rise
“If you’re worried about a 0.25 per cent interest rate rise, then you really shouldn’t be in the kitchen,” said Mr Morrell.
He agrees with agents that say the bottom end of the market will feel a pinch, but doesn’t think it will last long. “People still have to live somewhere.”
“We’ve seen this happen many times before – these buyers are like sheep at a gate,” said Mr Morrell. “One stops and they all stop and if one goes through, they all trundle through.”
“I expect they’ll attend auctions with hands in their pockets this weekend.”
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