ns Pr
operty a
nd the
Inter
st Rate R
isens Property and the Interst Rate RiseHerron Todd White property analyst Rick Carr has warned Cairns residents not to overplay the negative effects of the RBA’s recent interest rate hike.
He said the latest interest rate rise showed there had been some recovery in the national economy.
“Once they start to increase, it is in some ways a vote of confidence in the economy,” he said.
However Mr Carr admitted the local market is still quiet.
“The timing is probably a bit early for us. Unfortunately, you can’t have one set of interest rates for Sydney and another for Cairns,” he said.
Real Estate Institute of Queensland Far Northern Zone Chairman, Rick Szelpuk, agreed that the rate rises were not necessarily a bad thing.
He said people will see for themselves how the economy is strengthening in the coming months.
Search for Cairns property or Search for Mortgage Broker in Queensland
Cairns Mortgage Broker Steve Meath said mortgage holders who are concerned about the rise should not be afraid to shop around for a better rate.
“Many mortgage holders are on standard variable home loans with the major banks and more than 50 per cent of those consumers are paying an unnecessarily higher interest rate,” he said.
Source: Cairns Post
View stories similar to: Cairns Property and the Interest Rate Rise