RBA Cash Rate Decision Good For Potential Homebuyers

If you're looking to invest in Carnegie real estate, the recent Reserve Bank of Australia (RBA) cash rate decision could be the perfect opportunity to take the plunge.

Earlier this week, the RBA announced its decision to keep the cash rate at a low 2.75 per cent, after being reduced in May.

In a statement released July 2 the governor of the RBA, Glenn Stevens, said the cash rate was to remain the same in order to stimulate the economy further.

"The easing in monetary policy over the past 18 months has supported interest-sensitive spending and asset values and further effects can be expected over time," said Mr Stevens.

"The pace of borrowing has remained relatively subdued, though recently there are signs of increased demand for finance by households."

This could be good news for any buyers in the market looking to secure a low interest, competitive home loan for a property purchase.

Peter Bushby, president of the Real Estate Institute of Australia, said in a statement released July 2 that since the cash rate was cut in May, the standard variable interest rate had fallen 0.3 percentage points and now sits at 5.9 per cent.

If you have your eye on real estate in Carnegie or any of the surrounding suburbs, now could be the opportunity to achieve your property goals – get in contact with Matthew Hurlston at Ray White Carnegie to begin your real estate search.