Australia rate cut creates "once in a generation" opportunity

The recent interest rate cut in Australia means that investors considering purchasing property in the country should do so now, one property expert has stated.

Monique Sasson Wakelin, director of Wakelin Property Advisory, told Homes Overseas that the property market in the country has bottomed out and is now starting to see growth.

"The intent of the RBA [Reserve Bank of Australia] and the Federal government is quite clear. They have seen the damage done by falling property markets … overseas," she told the news source, adding that the combination of falling interest rates and rising rents has created a "once in a generation" investment opportunity.

Australia's cash rate - the equivalent of the UK's base rate - was cut by 100 basis points by the Reserve Bank of Australia last week, bringing it down to 4.25 per cent in a move which governor of monetary policy Glenn Stevens said would help combat inflation.