Property in Brunswick could be set to become more affordable in the coming months, as Australia's official cash rate was reduced to a historic low yesterday (August 6) by the Reserve Bank of Australia (RBA).
Following a reduction to 2.75 per cent in May this year, the official cash rate has been reduced a further 0.25 basis points, reducing it to a new low of 2.5 per cent.
Peter Bushby, president of the Real Estate Institute of Australia (REIA), said in an August 6 statement that this could become the highest level of housing affordability since December 2009, with investors returning en masse in the coming months.
"Housing affordability would improve by 4.7 per cent with the proportion of the median family income to meet average loan repayments decreasing from 29.9 per cent to 28.5 per cent," said Mr Bushby.
This was echoed by RBA governor Glenn Stevens, who said in an August 6 statement that the cash rate reduction and easing of monetary policy is in part to do with an increased demand for household financing.
Purchasing property in Brunswick could be a fantastic investment opportunity for anyone looking to increase their property portfolio in the coming months. Start your real estate search today by getting in contact with the team at Ray White Brunswick.