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Cash Rate Decision Good News For Real Estate Market

By Adrienne McTavish

Interested in purchasing Bulimba real estate in the near future? Now could be the perfect time to take advantage of the property market, with the Reserve Bank of Australia (RBA) recently announcing to keep the cash rate at 2.75 per cent.

The decision to keep the cash rate low comes three months after it was lowered in May, and since then the standard variable interest rate has dropped 0.3 percentage points to rest on 5.9 per cent.

Peter Busby, president of the Real Estate Institute of Australia (REIA), said in a statement released July 2 that the housing market reacted positively to the cut back in May, with the first quarter having the seventh consecutive improvement in housing affordability.

"Auction results are improving in strength, while increases in housing finance commitments and building activity are also positive," Mr Busby said.

Furthermore, Mr Busby noted that a decline in mortgage interest rates has stimulated investors and non-first home buyers with confidence in the market.

If you're looking into houses for sale in Bulimba, get in contact with the team at Ray White Bulimba. Their expertise will help you achieve your property goals with ease.

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