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The Barefoot Investor offered homeowners and prospective real estate buyers blunt advice about interest rates.

Scott Pape used his column on Sunday to warn readers that they cannot rely solely on expert advice because “they are actually no better at determining longer-term interest rate movements than a dart-throwing monkey.”

While Mr Pape admitted that property prices in Australia, especially in “the tinsel towns of Sydney and Melbourne”, have been rising steadily, it is almost impossible to know whether they will maintain their value or fall as more people become overwhelmed by higher interest rates.

He explained that it is also possible that prices could rise even further if homeowners are offered an interest rate cut next year.

“The question then becomes: How likely is it that homeowners will get any ‘relief’ from the high rates?” Mr. Pape wrote.

“Well, in January, economists were almost unanimous that we would get a rate cut this year. Didn’t happen.

“And now they’re just as unanimous that we’re going to get rate cuts next year.”

Mr Pape also took a swipe at Treasurer Jim Chalmers for describing interest rates as “stubbornly high” while they remain lower than they have been in the past 30 years.

Scott Pape, the Barefoot Investor (pictured), urged homeowners and buyers to do their own research and not rely solely on real estate market experts

The Australian cash rate currently stands at 4.35 percent after the Reserve Bank decided on November 5 to keep it at the same level.

“The truth is, interest rate movements are as unpredictable as my three-year-old,” he wrote.

Rather than relying on the advice of economists, Mr Pape urged his readers to do their own research and consider market trends in the area they want to buy or sell.

‘Don’t be stubborn and don’t listen to experts (including me!). “When you make buying or selling decisions, you must consider the facts in front of you,” he said.

“And that goes for you too, Jim. I know you’re looking for a 10 percent price drop before the May elections, but you can’t count on that!

‘Take your own path!’

Mr Pape’s directive came just days after ANZ has reduced the most competitive mortgage rate by five basis points to 6.09 percent for new customers, the lowest among the banking giants for a variable rate.

This Big Four bank also cut its ANZ Plus mortgage rate a week after NAB cut its variable rate, and three months after the Commonwealth Bank offered similar relief to borrowers.

Although Mr Pape admitted that property prices in Australia have risen steadily, it is almost impossible to know whether they will maintain their value

Canstar Data Insights director Sally Tindall said ANZ’s move showed the big banks were fighting for new customers even without the Reserve Bank cutting rates..

“This is the third major bank to cut new variable interest rates for customers in the last three months, despite not making a switch to cash rates,” she said.

“This is confirmation that the big banks are still fiercely competitive.”

While the low rate only applies to new customers, Ms Tindall said existing ANZ customers can still negotiate if they are owner-occupier borrowers paying off principal and interest.

“If you are an existing ANZ customer, please know that the rate reduction will not automatically be applied to your loan, but there is no harm in calling the bank and requesting it,” she said.

“If you’re a loyal customer, why would you be the one with a higher rate?”

Headline inflation fell to a three-year low of 2.8 percent in September, putting it within the Reserve Bank’s target of 2 to 3 percent.

But the Reserve Bank saw this as the result of one-off $300 electricity rebates set to expire in June next year, along with cheaper petrol prices.

Without these volatile items, underlying inflation was higher at 3.5 percent, meaning the RBA is in no rush to help borrowers, even if the big banks are.