(PRWEB) November 26, 2012
While the effects of the Global Financial Crisis and ongoing uncertainty continue to strain Europe - Australia’s economy, for a variety of different reasons, has escaped its worst effects. Australian’s were recently given rate cuts by the Reserve Bank; with financial analysts tipping more rate cuts is to come.
As reported by financial analysts, the cuts would acquire Australia’s economy time ahead of an anticipated slowdown in economic activity in China, as a result of a reduced demand for their manufactured goods by the recession in Europe.
Daniel Grixti, owner of Investors Choice Property Management in Melbourne’s West says in regards to real estate, the benefits of these rate cuts depend solely on whether the banks pass the rates on to their customers. “Despite what people may think, there actually has never been an obligation by any of the banks to hand out the rate cuts to its customer.” Mr Grixti says.
“Ever since the GFC hit, Australians have been diligently saving their money, spending less and making sure they’re being more attentive in paying off any debts or credit cards. Mr Grixti says. “These are the major signs that while Australia has certainly gotten past the worst, we have not recovered our full confidence in the capacity to maintain employment, borrow money, and more notably, being able to pay borrowed money back quickly.”
Mr Grixti said the anticipation of the rate in the suburb of Truganina specifically, is to reduce the number of active buyers, compelling vendors to either reduce the cost if they need to sell or withdraw their properties from sale.
Mr Grixti says that the real estate market is eagerly expecting the release of the final retail figures for the 2012 Christmas trading period, with early indications that confidence within the real estate market may be returning. “Particularly for real estate in the suburb of Altona, this is great news, and coupled with a rate drop - this could be the encouragement the economy desires.”
About ICPM - Investors Choice Property Management is an award-winning rental management company, providing specialist services focused across Melbourne’s West. Investors Choice ensures landlords make more profits through a focus on customer service, attention to vital property details and superior tenant sourcing systems. Find out more at http://www.icpm.com.au or follow them on Facebook https://www.facebook.com/pages/Investors-Choice-Property-Management/125729207487309.