Homeowners around the country are celebrating the latest news out of the Reserve Bank of Australia, which recently announced that it had cut the official interest rate to 2.5 per cent.
Falling .25 percentage points, this marks the lowest interest rate in history, which will be a welcome change for Belconnen real estate owners and homeowners nationwide.
The Real Estate Institute of Australia (REIA) also joined in on the celebrations, saying that the 2.25 per cent interest rate cut that has been reported since November 2011 is a boon for the industry.
Peter Bushby, president of REIA, stated that with the new rates, the average loan repayment could drop from $2,106 to $2,006 – $100 every month.
"This is the best level of housing affordability since the December quarter 2009 and will be welcomed by investors who have been returning to the market in greater numbers over past months," Mr Bushby stated.
The Reserve Bank stated that the lower interest rate comes as Australia's economy slows slightly compared to last year, which isn't expected to let up anytime soon.