If you're currently seeking property in Adelaide, chances are you weren't too surprised by the fact the Reserve Bank of Australia (RBA) has once again decided to maintain its record-low cash rate through the month of August.
This is the 12th consecutive month the cash rate has remained steady at 2.5 per cent. The low rate and its continued stability have served as great news for those thinking about getting into the market for the first time or those considering a second investment property.
The RBA felt "the most prudent course" would mean no change to the cash rate, given expected inflation rates, low risk levels and economic activity.
The Australian Associated Press surveyed 15 economists, none of whom were surprised by the RBA's recent decision. Only one of those individuals expected the rate to rise before the Christmas holidays.
Some lenders are lowering their interest rates further, something that was noted in the RBA's recent announcement. This is especially true when it comes to fixed-term loans, according to Mark De Martino, director at Loan Market.
"A couple years ago, I doubt anyone would have thought you could have got a fixed rate below 5 per cent for five years. While it's certainly an attractive rate now, there's wider implications borrowers need to consider before they take up fixed rates," said Mr De Martino.
This continued good news for prospective buyers means now is still an affordable time to buy that dream home in Adelaide. And considering dwelling values are on the rise, with a recent report from RP Data indicating values shot up 2.9 per cent in Adelaide over the past year, it's certainly an area that's attracting plenty of attention from buyers.