I think these ASX growth shares could be top buys right now

I am backing these stocks to deliver significant growth.

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Certain ASX growth shares may be primed to achieve pleasing returns in the medium term, given the recent RBA rate cut and the potential for more.

There are certain businesses where a rate cut can make a significant difference for their customers and demand.

The RBA is not yet confident there will be many, or possibly any, more rate cuts this year. It depends on the data. However, the fact that there has been one cut may help businesses in the property sector.

That's why I'm calling the below two stocks interesting investments to own today.

REA Group Ltd (ASX: REA)

As the owner of Australia's largest real estate portal, realestate.com.au, this business could benefit from any increased boost for the real estate industry.

A lower interest rate could increase buyer demand for property, which may support property prices and help realestate.com.au justify further price increases.

As a digital business, realestate.com.au's digital infrastructure has largely already been completed, so additional revenue can help increase profit margins and the company's bottom line.

I think REA Group could be one of the businesses to benefit the most from RBA rate cuts, with real estate investment trusts (REITs) being among the biggest winners, in my eyes.

I also like this ASX growth share's exposure to the rapidly digitalising Indian economy through its REA India division. While that's not linked to rate cuts, I think it offers compelling growth, which is one of the main reasons why I invested.

Brickworks Ltd (ASX: BKW)

Brickworks has suffered from high interest rates due to multiple factors. First, it has impacted demand for building products. Second, it has impacted Brickworks' industrial property trust through both higher debt costs and lower commercial property prices.

I think a lower interest rate could help increase demand for building products such as bricks, roofing, and masonry, which Brickworks manufactures in Australia.

A lower interest rate could increase the underlying value of the industrial properties that Brickworks is a part-owner of, along with partner Goodman Group (ASX: GMG). It may also help reduce the cost of the debt on the Brickworks balance sheet and the industrial property trust's balance sheet.

I'm particularly bullish about this ASX growth share because of the industrial property pipeline of planned new buildings for the next few years. This could add significant additional rental profits and increase the underlying value of the land with advanced warehouses on it.

I believe that a rate cut could help the ASX growth share both directly and indirectly in several ways. Therefore, Brickworks' underlying value and net profit could benefit over the next year or two.

Motley Fool contributor Tristan Harrison has positions in Brickworks and REA Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Brickworks and Goodman Group. The Motley Fool Australia has positions in and has recommended Brickworks. The Motley Fool Australia has recommended Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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