The Reserve Bank of Australia (RBA) announced yesterday (March 4) that the official cash rate would remain at 2.5 per cent.
Though the decision was in line with the predictions of financial and property experts, the news will still be welcomed by those looking to secure property.
A lower cash rate makes borrowing more accessible for those wishing to buy or invest in real estate in Carnegie, Malvern East or nearby suburbs.
Governor Glenn Stevens noted that long-term interest rates have remained low, while growth in housing construction is also expected.
More dwellings could help ease pressure placed to secure property in capital cities such as Melbourne, which is known for its liveability and well-developed transport infrastructure.
This may be welcomed by families who are first-time home buyers, given that "dwelling prices have increased significantly over the past year," according to Mr Stevens.
However, capital growth is a favourable outcome for investors and existing owners of Carnegie, Oakleigh and Malvern East real estate.
A low interest rate coupled with growth in housing construction may help more families secure the perfect first home. Get in touch with Matt Hurlston at Ray White Carnegie if you're thinking of buying property in 2014.