If you like your interest rates with a healthy dose of stability, then the Reserve Bank of Australia revealed some good news for you.
The RBA has kept the interest rate on hold at 2.5 per cent for the fourteenth consecutive month – that's the fourth longest period without change on record since 1994.
The Housing Industry Association does not think this rate will change in the next few months either. Chief Economist for the HIA, Harley Dale, says "{t}he indication from our central bank is that the Official Cash Rate has a secure spot at 2.5 per cent for some time to come". If you were thinking about buying real estate in Adelaide but were unsure if interest rates would rise, this is great news for you!
Mr Dale added that this stability supports widespread construction of homes through 2014 and 2015, which means there may be even more dwelling options for you to choose from.
"[N]ew housing is a clear bright spot for domestic demand and it needs to continue to shine."
Mr Dale believes the stable – and in some instances, falling – interest rates strengthen the view of many Australians that this period of calm will continue, which in turn boosts the wider economy. He does not think economic policy will continue the stability itself – perhaps it needs consumer engagement with the market?
As we enter spring, this news of interest rates staying steady will be interesting for everyone who wants to buy property – low interest rates may mean more favourable fixed or variable home loan rates. If you're feeling good about these prospects, Adelaide's affordable housing and the expertise we have at Ray White Adelaide can point you in the right direction.
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