The low interest rate environment will be staying around for the fourth month in a row, after the Reserve Bank of Australia (RBA) made its August announcement. Governor Glenn Stevens revealed that while there are some indications that the national economy is growing, its rate of expansion is still a little below where it should be.
As a result, buyers of property in Brunswick and other parts of the country will be able to make the most of the two per cent cash rate for a while longer. Many lenders have reduced their rates in line with the official level, bringing more affordable loans to anyone getting onto the ladder.
However, there's no guarantee that this rate will be around forever – or even another month – so it could pay to start looking at the market sooner rather than later.
There's been no shortage of speculation over what's likely to happen to the cash rate. President of the Real Estate Institute of Australia Neville Sanders believes that it will remain low in the medium term at least.
The latest Consumer Price Index (CPI) shows that results are still below the RBA's target range of between two and three per cent. During the June quarter, the CPI increased by just 0.7 per cent compared to the previous three-month period.
Increases for the June quarter were mainly centred on the purchase of new dwellings, as well as rental costs.
The team at Ray White Brunswick has helped many people find their ideal homes and could be just what you need to locate yours. It doesn't matter whether you're a first-time buyer or moving up the ladder, we're on hand to assist every step of the way.