Wednesday, February 4, 2009

RBA drops Interest Rate 1%

In a very eventful day, the RBA dropped interest rates in Australia by 1%, from 4.25% to 3.25% with some commentators (John Symonds from Aussie Home Loans) suggesting that there is another 1.5% to drop.

At the same time, the Rudd government announced a stimulus package that will give every worker earning less than $80,000 a cash payment of $950 and other $950 payments for farmers and single income households.

The effect of these measures remain to be seen but it looks like its a good time for WA first homebuyers to get into the market. Already there has been an increase in land sales in the last quarter, going up 29% from the previous quarter according to Urban Development Institute of Australia.

For me, i'm still holding out. There should be more to go from here.

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