Mar­ket mov­ing up the gears

Port Douglas & Mossman Gazette - - PROPERTY -

THE prop­erty mar­ket is show­ing some signs of mov­ing up the gears as the key spring sell­ing pe­riod gather?s pace with home loan ap­provals reg­is­ter­ing their big­gest rise in al­most a year. Of­fi­cial data shows the num­ber of home loans for owner oc­cu­piers ap­proved in Au­gust rose 1.8 per cent to 45,821 - its high­est level this year. The surge in bor­row­ing de­mand af­ter the re­cent run of in­ter­est rate cuts ex­ceeded economists’ fore­casts. Since the start of the year, the Re- serve Bank has low­ered in­ter­est rates by 1 per cent to 3.25 per cent but the banks have with­held pass­ing through the full ben­e­fits to bor­row­ers. The of­fi­cial cash rate is tipped by some economists to drop to a record low of 2.5 per cent by March.

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