News

New cash rate drop announced in May

By James Brown

The Reserve Bank of Australia announced another cut to the official cash rate earlier this week, dropping it to the historic low of two per cent. 

Buyers sitting on the fence about purchasing Caboolture real estate could be inspired by this drop, which could see interest rates on home loans fall even further. 

Master Builders Australia chief executive officer Wilhelm Harnisch said the change was welcomed by the association, which is expected to sustain the strong confidence seen across the nation.

Furthermore, the cash rate change will help maintain the housing industry as one of Australia's key contributors to job creation and the growth of GDP. 

Housing Industry Association economist Geordan Murray said the rate cut is likely to aid the new home building sector as well, with industry activity reaching record levels of performance nationwide. 

"New home building has been amongst the strongest performing sectors in the economy and the low interest rate environment has certainly played a role in boosting industry activity," said Mr Murray in a 5 May statement. 

Now could be a great time to take advantage of the nation's economic situation and begin pursuing your own home in Australia. Get in touch with a local Caboolture real estate agent today to begin the process. 

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