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Lower lending rates could be just around the corner

By James Brown

Recent buyers of property will no doubt already have made the most of the all-time low cash rate, but there could be further good news is you're yet to take the plunge.

ANZ chief economist Warren Hogan explained that if unemployment continues to rise – and the Australian dollar starts to appreciate again – there may be little choice but to cut interest rates.

This would bring down the cost of borrowing for people throughout the country, and Mr Hogan believes the reduction could take place during the first six months of this year.

All eyes will be on the Reserve Bank of Australia (RBA) at its first meeting of 2015 on 3 February.

"Despite a relatively positive outlook for the property sector, we continue to expect the RBA to remain on hold for an extended period of time," Mr Hogan noted.

He was responding to results of the latest ANZ/Property Council Survey, which show just how important the property sector is to the wider economy.

Not only does it employ 1.3 million people, but also accounts for 12.5 per cent of the nation's gross domestic product.

Whether the cash rate changes or not, getting in touch with a real estate agent in Burpengary is your first step towards getting onto the property ladder.

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