LOWER INTEREST RATES WILL STIMULATE ACTIVITY

Director Andrew Hayne of Marshall White was quoted in this week’s Australian Financial Review: “Property listings are well down on their levels of a year ago and the central bank’s decision on Tuesday to cut interest rates to a new low of 1.5 per cent will spur the number of buyers chasing available properties – Cheap money was already prompting buyers to buy homes before putting their existing property on the market and a further cut would encourage that behaviour.

Outstanding results for the day were:

• 17 New Street, Brighton – sold more than $300,000 above reserve, 7 bidders.
• 12 Robinson Street, Malvern – sold in excess of $3,000,000.
• 14 Doon Street, Prahran – sold more than $200,000 above reserve.
• 10 Hazeldine Road, Glen Iris – sold in excess of $2,500,000, 4 bidders.
• 63 Leura Grove, Hawthorn East – sold more than $200,000 above reserve, 5 bidders