At its meeting today, The Reserve Bank of Australia decided to keep the official cash rate on hold at 2.5 per cent. The RBA's decision today indicates that it is continuing with its policy of creating a period of stability on interest rates. By all indications, we can expect this situation to continue for some time which is good news for home owners and property buyers across the country.
As autumn draws to a close, a very busy time of the year for Australia's property market draws to a close also. The extended period of low interest rates has created a lot of activity in the housing market, with near record numbers of auctions being held around the country over the last weekends in May.
High auction clearance rates have been a feature in most capital cities, with buyer confidence continuing. Investors seem to be leading the way amongst purchasers, but there has also been signs of increased activity from first home buyers during the first half of 2014. Analysts expect property markets to settle down during the traditionally quieter winter months, however there are still plenty of opportunities around for those looking to make a purchase.
The low interest rate environment is creating a very competitive loan market. Lenders are now offering some great deals for first home buyers, as well as those considering an investment or refinancing. With the autumn selling season winding down, this a great time to chat about your plans for the future. We're here to help you take advantage of the low interest rate environment to meet your goals, so why not give us a call today?