The strong Australian economy will remain for another month, with the Reserve Bank of Australia (RBA) retaining the cash rate at the historic low of 2.5 per cent. This is the 16th month of being this low and offers anyone interested in buying real estate in Bentleigh the opportunity to move into the market.
The Housing Industry Association has highlighted the low interest rates resulting from this decision nationwide, with chief economist Harley Dale stating that Australia is on track to recording the longest period of interest rate stability in recent history.
"Borrowing costs are set to remain at or close to record lows for some time to come. Super low interest rates have unleashed substantial pent-up demand for new housing to the benefit of many parts of Australia's domestic economy beyond residential construction," said Mr Dale in a 4 November statement.
The current economic landscape in Australia offers buyers a good opportunity to move into their own Victorian property. Get in touch with Matt Hurlston at Ray White Carnegie to begin investigating the real estate options available in Bentleigh and the surrounding suburbs today.