The financial landscape across Australia has remained accommodating for home buyers, with the Reserve Bank of Australia (RBA) announcing earlier this week that the official cash rate would remain at the historically low level of 2.5 per cent. This is the 15th consecutive month after the rate was dropped back in August 2013, and could offer buyers of real estate in Bentleigh East a wonderful opportunity to secure a great deal.
RBA governor Glenn Stevens said the decision to retain the current rate was made due to the continually accommodative monetary conditions resulting from the rate. With investment continuing to track highly and the overarching growth of the national economy, keeping the cash rate at 2.5 per cent is great for continued development of the national property market.
Furthermore, Housing Industry Association senior economist Shane Garrett said the decision wasn't surprising, simply due to the stability provided by constant rates for a period of time.
"The era of very low interest rates has provided a welcome boost to new home building, and is doing something to alleviate the shortage of dwelling accommodation suffered by Australia," said Mr Garrett in a 7 October statement.
If you're interested in taking advantage of the low cash rate, get in touch with Matt Hurlston at Ray White Carnegie. He can help you find the right home in Bentleigh East and facilitate the property transaction with ease.