Yesterday afternoon the Reserve Bank of Australia announced that it is leaving the official cash rate on hold at 2.25%. This means that homeowners and those looking to enter the market can continue to enjoy historically low rates.
The booming Sydney property market was a major factor that played into yesterday’s decision to err on the side of caution. In the past year Sydney’s house prices have risen by almost 14%, and a drop in rates could cause this figure to continue to skyrocket.
The good news is that those looking to purchase a property in Brisbane aren’t facing the same dilemma. With the Brisbane market growing at a steady pace and interest rates staying low, now is a great time to purchase your first home or expand your property portfolio.
The Reserve Bank may have played it safe this month, but it has indicated that another rate could be on the cards in the near future. If you are looking to purchase a property or refinance, contact me for advice on how you can take advantage of low interest rates.
0419 733 862