Significant reductions to the cash rate may have had an impact as more Australians plan to choose property over shares in 2009.
An online poll by Loan Market Group has found that 42 per cent of respondents said buying property was their financial priority for 2009.
In contrast just six per cent said they planned to invest in the share market in the year ahead.
John Kolenda, Loan Market Group executive director, said the results showed lower interest rates and softening property prices were driving Australians to look for opportunities in the housing market.
“The Reserve Bank of Australia has slashed the cash rate to a seven year low of 4.25 per cent and it’s expected to go even lower and that is obviously encouraging prospective property buyers,” he said.
Mr Kolenda said the increase in the first home owners grant would also have a significant impact on the market.
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