Moving into the property market right now could be a brilliant move to make, following the recent announcement from the Reserve Bank of Australia (RBA) that the official cash rate be retained at the historically low level of 2.5 per cent for another month – signalling the 13 consecutive month at this rate and highlighting the continued growth of Australia's financial wellbeing.
This could be great news for those interested in purchasing Caboolture real estate, with low interest rates making home loans more desirable. RBA Governor Glenn Stevens said the renewed strength of Australia's markets – including the residential construction industry – has signalled that the low cash rate is helping to revitalise the nation's economy.
Reflecting these views is Housing Industry Association Senior Economist Shane Garrett, who said the RBA's decision came as no surprise to many real estate industry bodies. He expects interest rates to remain low for a while to come, offering buyers more opportunities in the future.
"Over the past year, record low interest rates have breathed life into sectors of the economy that had previously been on the ropes. The current climate of low rates offers the strongest hope that residential construction can continue to put the economy back on track," said Mr Garrett in an 5 August statement.