The Reserve Bank of Australia (RBA) has announced that the historically low cash rate of 2 per cent, originally introduced in May, is here to stay throughout July – continuing to ignite Australia's property market.
This has resulted in mortgage repayments for real estate in Bentleigh being more accessible.
RBA Governor Glenn Stevens said the decision to leave the rate unchanged was regarded as the most appropriate course of action by the board
"In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending."
There are many supporters of the decreased cash rate, as it makes mortgage repayments easier to manage.
Harley Dale, chief executive of the Housing Industry Association, is confident that the record low interest rates will continue to be a part of Australia's housing market throughout 2015-16.
"That will help support housing activity at a time when there is scant evidence of strong momentum elsewhere in the domestic economy."
If you are looking at buying a new or existing home, the cash rate will make your mortgage repayments easier to manage, as you will be paying less interest.
It's good news for sellers, as the increased demand for homes means the prices have increased too.
In fact, research from the Victorian government shows that the median price for houses in Bentleigh surpassed $1million in 2015.
It's not a bad time to invest, either, as with the continued low interest rates, demand is showing no signs of abating.
If you're in the market for real estate in Bentleigh – whether you're looking to buy or sell – go no further than Matt Hurlston and the team at Ray White Carnegie. Our expertise of the local market can help you through each step of buying or selling your home.
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