Ray White Managing Director Dan White said the central bank’s pre-emptive and forward-looking approach in setting interest rates could be hailed as best-in-class when it comes to monetary policy.
“Across our group, we have had to work with a lot of vulnerable customers and this rate cut will help our customers who have been struggling in this economy and particularly during COVID. This rate cut will help all our customers across all markets in Australia.
The real estate market is performing at such a high level, and this rate cut comes on the back of the group’s biggest month of sales ever in its 118-year history.
“For a lot of our customers – tenants and vendors – this rate cut will help a lot. We just hope that the banks pass it on.
“This rate cut has been widely expected and comes of course as no surprise. The RBA knows the property market is one of the central pillars in the Australian economy and housing is an essential need.
Despite the lockdown in Victoria and the state election in Queensland, the Ray White Group saw a 30 per cent year on year jump in sales in October to $5.7 billion.