Borrowers have been making the most of lower rates for the past few months – a situation that's going to continue in August. The board of the Reserve Bank of Australia (RBA) met on 4 August, where they took a closer look at what's happening in the national economy.
Members noted that the Australian economy has started to grow, albeit at a rate that's slightly below the long term average. There's further good news as inflationary pressures have largely been contained over recent months.
Another positive effect of the low cash rate is that borrowing levels have picked up, while consumers have generally been more confident about spending. This could benefit real estate in Macgregor, as buyers are more hopeful about what their financial futures have in store.
Commenting on the RBA's decision, the Housing Industry Association explained that low interest rates are helping to support the economy as a whole.
"A widely expected 'no change' decision has now been announced over three consecutive months," noted HIA chief economist Harley Dale.
"There is still the possibility of a further rate cut this cycle and chatter about this prospect will ebb and flow through the remainder of 2015."
The HIA has also forecast that construction activity will continue to thrive throughout the country as a direct result of the low rate. It's unlikely that the cash rate will be increased any time soon, the group emphasised.
The team at Ray White Belconnen has no shortage of expertise in pairing people with their ideal properties, so why not give us a call? It doesn't matter whether you're hoping to buy or rent, we're always on hand to guide you.
With borrowing rates staying low for a while longer, now could be the right time to realise your home ownership ambitions.