SYDNEY - Australia’s crumbling housing market looks set to stabilize over coming months as hopes of interest rate cuts and loosening of mortgage rules have boosted buyer inquiries, property and mortgage brokers say.
While industry watchers say a return to boom times is unlikely anytime soon, they point to signs suggesting a bottoming-out for the sector is imminent. Bice cited the unexpected re-election of the country’s pro-business coalition government a little over a week ago and predictions of an Australia rate cut as soon as next month for the improvement in sentiment.
“A lot of my clients are holding off until June to see what the Reserve Bank does. If they drop the cash rate, I expect banks to follow suit. That will finally revive the market.”
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