Home buyers had better get ready – you might soon find you hands itching to open up the wallet, or involuntarily steering the car toward a local mortgage lender.
Why is this? It just so happens that the Reserve Bank of Australia's move to hold the cash rate at 2.5 per cent for yet another month is going to make buying property, whether it's Malvern, Bentleigh or Murrumbeena real estate, utterly irresistible.
According to Loan Market director Mark De Martino, the all-time low cash rate has helped lift consumer confidence while keeping inflation at an acceptable level, which has helped first home buyers.
"We've seen enquiries from First Home Buyers as high as almost 50 per cent of all our home loan enquiries this year," Mr De Martino said on 1 July.
"As the pool of prospective first time buyers continues to grow, we could eventually see them become the primary drivers of the property market."
If you'd like to jump on these buoyant conditions, then you'll want an experienced, knowledgeable real estate agent who can find the right home for you. Matt Hurlston of Ray White Carnegie is the one to call.
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