Housing affordability is at its best level since December 2009, following the Reserve Bank of Australia's (RBA) decision to further reduce the cash rate yesterday (August 6).
The RBA provided mortgage relief to homeowners throughout the country when it cut the cash rate a further 0.25 basis points, reducing the cash rate to a historically low 2.5 per cent.
According to Peter Bushby, president of the Real Estate Institute of Australia (REIA), housing affordability will increase by 4.7 per cent in the wake of the reduction, with the proportion of median family incomes required to meet average loan repayments decreasing from 29.9 per cent to 28.5 per cent.
"The average loan repayment would be $463 per week and that is $149 per month less compared to the figure recorded a year ago," said Mr Bushby in a statement released August 6.
"This is the best level of housing affordability since the December quarter 2009 and will be welcomed by investors who have been returning to the market in greater numbers over past months."
If you're investigating houses for sale in Bulimba, now could be the perfect time to secure your home loan finances and make the move. Contact the team at Ray White Bulimba to get professional advice and begin your property search today!