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Cash Rate Cuts Could Signal Increased Home Affordability

Investors could be welcoming the Reserve Bank of Australia's (RBA) decision to reduce the official cash rate yesterday (August 6), with housing affordability expected to increase.

The RBA slashed a further 0.25 basis points off an already low official cash rate, reducing it to a historically low 2.5 per cent.

Glenn Stevens, governor of the RBA, said in a statement released August 6 that the easing of Australia's monetary policy was to support interest-sensitive spending, including a recent increase in demand for housing finance.

The president of the Real Estate Institute of Australia Peter Bushby said that housing affordability could increase by 4.7 per cent following the cash rate cuts.

The proportion of median family income required to make the average home loan repayments could also reduce from 29.9 per cent to 28.5 per cent.

"This is the best level of housing affordability since the December quarter 2009 and will be welcomed by investors who have been returning to the market in greater numbers over past months," said Mr Bushby in an August 6 statement.

These recent changes to the nation's cash rate could be a fantastic opportunity for anyone looking to purchase Carnegie real estate in the near future. If you're interested in looking at real estate in Carnegie, get in contact with Matthew Hurlston at Ray White Carnegie.

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