The past few months have potentially been the ideal time for buying property in North Adelaide, as lenders throughout the country lowered their interest rates. That's because back in May, the Reserve Bank of Australia (RBA) made the decision to lower the official cash rate (OCR) to two per cent, where it's stayed ever since.
The board met again earlier this week (4 August), where members discussed what's happening in the national economy. Governor Glenn Stevens explained that it's "likely to be operating with a degree of spare capacity for some time yet", which is one of the reasons the OCR has remained low.
However, the Housing Industry Association (HIA) suggested that lowering the cash rate wasn't going to be enough on its own to stimulate the property market. Instead, its chief economist Harley Dale indicated that a range of strategies are necessary in order to have the desired effect.
"Governments can complement the RBA's current interest rate environment by progressing vital economic and taxation reform," said Mr Dale.
"The imperative for supply-side reforms in housing around planning timelines, land supply, infrastructure delivery, and inefficient taxation has never been greater."
Property buyers have a while yet before there could potentially be a change to the OCR. Although the board is next due to meet on 1 September, many analysts are already forecasting that interest rate stability could be here to stay in the medium term at least.
Getting onto the property ladder can seem daunting, which is why the team at Ray White Adelaide is here to help. With interest rates low, now could be the right time to think about moving into your own property in North Adelaide.
The first step should be to get in touch and discuss your needs. We're on hand to answer all your questions and ensure your purchase gets off on the right foot.