Yesterday the RBA cut interest rates by 0.1% bringing it to an all time low and this marks the third cut during 2020. What is clear is that COVID-19 has caused a lot of economic uncertainty however the property market in Queensland seems to be quite resilient.
Industry experts suggest the new rate cut will help encourage more interest from investor buyers. However the big winner would be owner occupiers who take out fixed term loans with rates being under 2%. The best I've seen so far is 4 years at 1.88%.
On our side properties are still selling well and this is the same with our competitors, the Queensland property is definitely doing better then other states and we're looking forward to seeing what 2021 will bring and the influx of investors looking to purchase.