In a move that has surprised no one, the Reserve Bank of Australia (RBA) has decided to keep the nation's official cash rate at the historically low level of 2.5 per cent. This is the 15th consecutive month that the rate has been at this level, offering buyers of property in Brunswick the chance to secure a mortgage with a low interest rate – which is great news for long term finances.
RBA governor Glenn Stevens said in a 7 October statement that the current monetary policies prevailing in the country were accommodative, promoting growth and fostering the increase in investment being seen throughout the various markets nationwide. This is expected to remain well into the future, offering newcomers the opportunity to take advantage of the current market situation.
Furthermore, Housing Industry Association senior economist Shane Garrett said this decision to retain the cash rate was to be expected, considering how well the market has responded over the last 15 months. This was especially clear in the new home construction market, with the rapidly growing population driving an increasing demand for housing.
Now could be a great time to take advantage of the market's strength and get in touch with a local real estate agent to begin investigating the property options in your area.