It appears that the historically low cash rate that has driven real estate in Brunswick and throughout Victoria will remain for at least another month.
It was considered the most fitting decision by the board at the July 7 meeting, said Reserve Bank of Australia Governor Glenn Stevens
"In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending."
The Housing Industry Association's (HIA) chief economist Harley Dale believes the rates are here to stay throughout 2015-16, continuing to encourage the property market and residential construction.
"New home building activity and its large positive impacts on wider activity continues to form the key impetus to Australia's domestic economy, post the resources construction boom,." he said.
Here are some reasons why now is a good time to purchase property in Brunswick.
The gradual decrease of the cash rate has resulted in favourable circumstances for those in the market for a home loan. Your mortgage repayments will be less, as you pay a lower interest rate. Ultimately, you should be able to pay off your mortgage faster.
According to propertydata.com.au, the median price of a property in Brunswick has been gradually increasing since December last year. Furthermore, there are no signs of it abating, as demand continues to increase – especially with the low interest rates predicted by HIA to remain for at least another year.
The property market is always going to be developing and changing, but for the time being it is a great time to take advantage of the interest rates and get your mortgage paid off quicker. If you want extensive expert knowledge of the local market, talk to the team at Ray White Brunswick. We can help find you the home of your dreams – at the best price.