There has been plenty of discussion surrounding the official cash rate lately, especially after it was cut to an all-time low of two per cent back in May. It has remained at this level ever since and will continue to do so for at least another month.
The Reserve Bank of Australia (RBA) monetary policy board met on 7 July, when members decided that the right course of action would be to maintain the current rate. A number of reasons were given for this, including a persistently low unemployment rate and economic growth being slower than expected.
Many analysts are already predicting what the future has in store, including the Housing Industry Association (HIA). Chief executive Harley Dale explained that there is potential for another "rate cut bullet or two" to be fired in the not-too-distant future.
"Regardless of whether the interest rate gun stays in the rack or not, the key is that super low borrowing costs are here to stay throughout 2015/16," said Mr Dale.
"That will help support housing activity at a time when there is scant evidence of strong momentum elsewhere in the domestic economy."
RBA governor Glenn Stevens revealed that the central bank is working closely with the housing sector to determine what risks – if any – are likely to emerge in the near future. The HIA suggested that the property market is going to be called on to pick up some of the slack left behind once the resources boom comes to an end.
If you're hoping to take advantage of the all-time low cash rate to buy property in Burpengary, then now could be the time to do it. The team at Ray White Caboolture are on hand to assist with whatever queries you might have, either as a buyer or investor.