Couple time their first home with interest rates and baby’s arrival

First-time parents have beaten off 100 other would-be buyers to secure their first home just a day before the official cash rate dropped to its lowest level.

Xavier Le Baron and Satomi Goto got their timing just right, buying the day before the official cash rate dropped to its lowest level, and in time for their baby’s arrival.

Manly couple Xavier Le Baron and Satomi Goto beat off 100 other buyers for a Dee Why unit on the weekend fearing that if they didn’t buy soon prices could take off again.

“We have been looking for close to two years,” said Mr Le Baron.

“The market has been moving and we needed to get something with a baby expected very soon,” he said.

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Xavier Le Baron and Satomi Goto bought their first home just in time for their first baby.

Their sense of urgency was all the greater with the anticipated official cash rate dropping to a historic low.

On the first Tuesday of June the Reserve Bank of Australia dropped the cash rate to 1.25 per cent, the lowest level in history, and many industry experts are predicting a second rate drop later in the year.

Federal treasurer Josh Frydenberg also urged banks to pass on the rate cut to borrowers and so far 21 lenders have dropped their lending rates including the Commonwealth Bank, NAB, Westpac, St George and the Bank of Queensland.

The Manly couple has bought a two-bedroom with guest room apartment on Pacific Pde, Dee Why, the first day they saw it.

The Dee Why apartment that drew 100 buyers in one half-hour open house.

One hundred people turned up to inspect the two-storey apartment in Pacific Pde, Dee Why on Saturday, six offers were made in less than 24 hours and the apartment sold for $951,000 within 48 hours of opening. The asking price for the modern unit was $925,000.

Agent Lisa Novak, of Novak Properties, said would-be buyers were lined up outside the apartment waiting to inspect it.

“We certainly didn’t anticipate 100 people at the first open house,” Ms Novak said.

The apartment feels like a townhouse.

Built in 2003 the apartment had people lined up outside to see it.

The agent added that if borrowing becomes cheaper she expects the market to take off again.

“Everyone was waiting for signs; the election result was one and now with interest rates cut the floodgates of inquiry are about to open,” she said.

“There are lots of first-home buyers looking for property,” Ms Novak said.

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The Federal government has introduced a scheme for first property buyers allowing them to find 5 per cent of their deposit. The government would guarantee the other 15 per cent. The scheme is open to a limited number of buyers with minimum income levels.

Dee Why has more units than any other northern beaches suburb. According to CoreLogic there are 95 units in Dee Why for sale, three-bedroom units are less common however.

Originally published as Couple time their first home with interest rates and baby’s arrival