With the rising strength of the local property market across Melbourne, the recent news from the Reserve Bank of Australia could be encouraging for potential buyers. The decision to retain the current cash rate at the low 2.5 per cent could offer a good chance for newcomers to take out a home loan and buy their own slice of Bentleigh East real estate.
Housing Industry Association chief economist Harley Dale said the cash rate could be great news for the future, with the anticipation that the rate won't change until well into 2015.
"In reflection of the uncertain and challenging economic environment we face, steady interest rates would more likely be interrupted in the short term by a further reduction rather than an interest rate hike, although there is no hint from the Reserve Bank of Australia that such action is in prospect," said Dr Dale in a 2 December statement.
Now could be a great time to get in touch with a local real estate agent to consider buying Bentleigh property. Speak with Matt Hurlston at Ray White Carnegie to start looking into the market and begin searching for new real estate in Melbourne.
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