article_snippet: At the beginning of February, the Reserve Bank decided to cut the cash rate by 25 basis points meaning  the typical standard variable mortgage rate is likely to go down to 5.7 per cent and discounted variable rates to 4.85 per cent; the lowest cost of mortgage debt since July 1968.
article_snippet: The lower mortgage rates appear to have added further fuel to what is already a strong housing market.
article_snippet: Last month RP Data reported dwelling values in Sydney were set to rise by more than one per cent over the month of February as the house market continues to set new record highs.
article_snippet: Head of research Tim Lawless said: 'It may take some time for the lower interest rate setting to flow through to an acceleration in dwelling values, however early indicators show the house market is responding to the lower cost of debt. '
article_snippet: Auction clearance rates hit the highest level since 2009 over the weekend.'