Interest rate reductions lead buyers out of the closet

THE cuts to official interest rates by the Reserve Bank have brought some buyers back to the housing market, according to a survey conducted by PRDnationwide.

ON CARDS: Rates rise.

THE cuts to official interest rates by the Reserve Bank have brought some buyers back to the housing market, according to a survey conducted by PRDnationwide.

In the survey of 300 people across the nation 30% said they were looking to buy following the interest rate cuts this year.

Another 7% said they had already acted on the incentive provided by lower rates while 29% were waiting for further cuts to lending rates before entering the market.

PRDnationwide research director Aaron Maskrey said the interest rate changes "certainly spurred some buyers on who were sitting on the sidelines".

"I expect even more will enter the property market as rates continue to fall and consumer confidence grows."

Originally published as Interest rate reductions lead buyers out of the closet