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.”