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Buyers celebrate as RBA holds interest rate at record lows

By Ben Faulks

Buyers have reason to celebrate this month as the Reserve Bank of Australia (RBA) continues to hold the base interest rate at record lows.

If you're eyeing up Belconnen real estate, you'll no doubt be pleased to hear that the RBA left the key cash rate at 2.5 per cent.

It's now approaching a year since the last reduction, with the central bank lowering the rate by 0.25 percentage points in August 2013.

RBA governor Glenn Stevens said monetary policy is currently just where it needs to be, helping to support demand and stimulate growth for the future. 

"On present indications, the most prudent course is likely to be a period of stability in interest rates," he added.

This should give buyers confidence – as it indicates you have time to shop around for the best Belconnen apartments and still take advantage of cheaper mortgage deals before interest rates increase.

Not only this, it appears as if sellers are also benefiting from current market conditions, with Mr Stevens highlighting a rise in home values nationwide.

"Dwelling prices have increased significantly over the past year, though there have been some signs of a moderation in the pace of increase recently," he explained.

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