THE Gold Coast property market is set to surge as interest rates fall to their lowest point in history.
So how does this impact the average mortgage holder? The table below demonstrates the saving per month for the average mortgage holder –
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The move is expected to bring property prices back to pre-global financial crisis levels and kickstart the city’s construction industry.
REIQ Gold Coast zone chairman John Newlands said the unprecedented low would draw pensioners and first-home buyers into the market and send house prices soaring.
“There has never been a better time to buy on the Gold Coast than right now,” he said.
“Self-funded retirees who may have been surviving on their bank deposits may in fact return to real estate to get better yield.
“These are the lowest interest rates we have seen for a decade and rental yields are continuing to rise. It is a perfect combination of ingredients for buying real estate.”
The Reserve Bank yesterday dropped interest rates by 0.25 of a percentage point to sit at 2 per cent.
Mr Newlands said the cuts would attract interstate buyers and stimulate the city’s property market in time for the 2018 Commonwealth Games.
“Sydney buyers are increasingly looking towards the Gold Coast and there will be a lot of mum-and-dad investors who will take advantage of the comparatively low prices here,” he said. More of the original article from the Gold Coast Bulletin HERE.
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