In a move that's great news for potential buyers of Belconnen real estate, the Reserve Bank of Australia decided to hold the nation's cash rate at the historic low level of 2.5 per cent for another month earlier this week. This could provide buyers with the incentive needed to secure their finances, move into the market and purchase property in Belconnen.
The Housing Industry Association (HIA) highlighted the lack of change in the cash rate, stating that the figure has remained consistent for 16 consecutive months – and is heading toward a new record for the longest period of interest rate stability in Australia's modern history.
HIA chief economist Harley Dale said the low interest rates have helped to address some of the issues facing the property market.
"Borrowing costs are set to remain at or close to record lows for some time to come. Super low interest rates have unleashed substantial pent-up demand for new housing to the benefit of many parts of Australia's domestic economy beyond residential construction," said Mr Dale in a 4 November statement.
Now could be a great time to get in touch with a Belconnen real estate agent and begin searching for a suitable property in the area.