Australia's official cash rate (OCR) has remained unchanged at 2.5 per cent – a promising figure for those looking for houses for sale in Bellmere and surrounding suburbs.
The Reserve Bank of Australia released the decision to preserve the OCR on December 3, stating "below average" global growth, well-contained international inflation and relatively high commodity prices as reasons.
In his recent statement, Governor for Monetary Policy Decision Glenn Stevens pointed out that next year looks promising for an economic pickup.
Financial markets are less volatile and long-term interest rates remain low, which is promising for home buyers and investors.
Stevens noted that housing markets have "strengthened further over recent months," supporting future investment.
Houses for sale in Bellmere have captured prices of $350,000 on average over September and October.
This is good news for those selling, as these prices are the highest since December 2012.
The OCR is one of the biggest influencers of lenders' rates, so if you're buying into the area as a homeowner or investor, consider making the most of the low interest rate.