A single 25 basis point cut doesn't undo two years of higher repayments. My mortgage is still, in absolute terms, expensive compared to where it started this whole cycle.
But direction matters more than magnitude, psychologically at least. For two years every RBA decision was a question of how much worse it gets. Now it's a question of how much better, and that reframing changes buyer behaviour in ways that a single 25 basis points on its own wouldn't explain.
I'm not making any big moves off one cut. Watching whether it's the start of a real sequence or a one-off before another long hold. History over the last two years suggests patience is the right posture either way.