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Property cycles explained02:13 “Both household spending and residential construction activity have weighed on economic growth so a turnaround in these sectors would be a welcome turn of events.”From a business perspective, Gold Coast Central Chamber of Commerce president Martin Hall said the cut offered a “mixed bag” of positives and negatives.“Low interest rates from today mean the rate or the cost of borrowing for a business is cheaper,” he said.“It would be great if we could get some of that revenue back into smaller business.”He said it would be great to see any savings being invested back into tourism infrastructure on the Coast. “Dropping interest rates to below 1 per cent may have a negative impact on consumer confidence in the economy, and we know that when people are experiencing uncertainty, they are less likely to make major financial decisions such as buying or selling property,” she said.“Our data has been suggesting a future upwards swing within the Queensland property market for some time now.“Whether or not an additional interest rate cut will have any material impact on the current state of the property market remains to be seen.” The cash rate is now at a historic low.However, REIQ Gold Coast zone chairman Andrew Henderson said if the banks passed the rate cuts on, it would be easier for people to borrow more money and pay their mortgages.“It’s already been quite low but it’s still going to put more money in people’s pockets,” he said.“Part of the equation is, how much do the major players pass on.“It’s a competitive industry so hopefully they come to the party and pass on the rate cut to the consumer.”Ray White Surfers Paradise chief executive Andrew Bell said it made home loans more affordable but rates were already so low it was no longer a stimulant for people to borrow money.“Of course any low interest rate does help, subject to the banks passing it on, but I don’t expect it to make a significant difference,” he said.CoreLogic’s head of research Tim Lawless said lower interest rates with a subtle loosening in credit policies and improved sentiment had already seen house values rise.More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day ago The RBA has cut the official interest rate to 0.75 per cent.PROPERTY experts are divided about whether the Reserve Bank’s decision to slash the cash rate to a new record low will help or hinder the market.The official interest rate has been lowered to 0.75 per cent following cuts in June, July and August.While it was anticipated, not everyone is convinced the cut will be a benefit.Real Estate Institute of Queensland chief executive Antonia Mercorella said it may undermine the state’s strong market.She welcomed decisions that would make it easier for Queenslanders to pay their mortgages or ease affordability but was concerned it would shake public confidence. MORE NEWS: Housing set for fresh record highscenter_img “The rebound in housing conditions should help to support an improvement in economic conditions as higher housing prices translate to a wealthier and more confident household sector, who will hopefully be inclined to spend more,” he said. “Stronger housing conditions should also support the residential construction sector where approvals dropped through the housing downturn. MORE NEWS: Beach house hits market with jaw-dropping price taglast_img read more