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What happened to the markets in May 2012

By Jessica Ridder

Market Review – Blackheath May 2012

On the back of the Reserve Bank’s (RBA) shock announcement in early May to slash 50 basis points off the official cash rate, experts have said Australians can expect up to three more rate cuts.

Of course, the RBA’s actions can only have a stimulating effect if the banks pass the savings on to their customers and within days of the announcement, three of the four major lenders had confirmed they would drop their variable rates – NAB by .32%, Westpac by .37% and Commonwealth by .40%. Although there is still some contention over the lender’s justification in out-of-cycle rate setting, the drops still represent significant savings to mortgage holders.

The RBA’s position on rates is good news for consumers and property owners and is expected to bring a renewed confidence and optimism to the property market.

The announcement is likely to bring many buyers off the sidelines, creating opportunities for vendors who have been waiting for conditions to improve. This is certainly the case in the Upper Mountains with Ray White Blackheath recording good numbers though open homes.

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