The latest Reserve Bank of Australia (RBA) decision to keep the nation's official cash rate steady could be exciting news for anyone considering purchasing Belconnen real estate in the coming months.
Glenn Stevens, governor of the RBA, said in a November 5 statement that the "housing and equity markets have strengthened further", with investor activity aiding the recovery of the real estate industry.
This decision was made in hopes to stimulate the industry, which could be great for anyone considering purchasing property in the near future. With lower interest rates coming from a reduced cash rate, buyers could secure more competitive home loans.
Loan Market Director Mark De Martino highlighted this, stating the RBA made the "right call" as the real estate industry begins to gain momentum following the cash rate cut in August.
"We’re finally starting to see sustained confidence return to the economy. Homeowners and buyers are reaping the rewards of record low interest rates," said Mr De Martino in a November 5 statement.
"Most of the movement on fixed rate products has been for the longer term products, greater than three years. Hopefully low interest rates keep the Australian economy growing at a sustainable pace."