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The results are not surprising. Since January 2011, the city that has had the biggest jump following a rate cut has been Sydney, followed by Melbourne then Canberra. All these cities are the most expensive in Australia and therefore it makes sense that they would be more sensitive to the cost of borrowing. Perth and Darwin saw no increase, reflecting relatively stagnant markets during this time but also their lower sensitivity to interest rate changes.
Would a similar occurrence happen this time around? It's likely to be slightly different, as they are every cycle. Perth, and Brisbane are currently our strongest markets and although less sensitive to interest rates, are likely to get a further boost following a rate cut. Sydney and Melbourne are comparatively weak, having seen falls in pricing in some months this year. It is likely that conditions will turn around somewhat once rates are cut.
