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Interest Rates on Hold for Another Month

By Brett Pilgrim

Great news for investors and buyers: the Reserve Bank of Australia (RBA) has elected to leave interest rates untouched for another month.

The continuation of low rates should help those interested in purchasing property in Norwood by boosting the confidence of first time buyers.

Many people and businesses feel that leaving the interest rate alone was the right decision. The Real Estate Institute of Australia (REIA) applauded the RBA’s choice, saying that they have made a studied and precise appraisal of the housing market. The meeting should also serve to quiet some of the media’s conjectures about a housing bubble.

“As a result of the easing monetary policy, housing affordability in Australia is now at its lowest level in a decade. Nationally, it now takes 28.7 per cent of the median family income to meet average loan repayments,” said REIA Chief Executive Officer Amanda Lynch.

During the Financial Stability Review, the RBA cautioned home buyers to keep a sensible outlook about the potential for dwelling price improvements in the future.

While some Australian states have seen real progress in the property market, others are still lagging behind. Hopefully, the RBA’s decision will help fuel persistent, sustainable growth across the board.

Those interested in investing in real estate in Adelaide should consider doing so soon, as now’s a good time to purchase existing properties or build new ones and benefit from the historically low interest rates.

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