Now could be the perfect time to begin looking into houses for sale in Bulimba, with the latest decision from the Reserve Bank of Australia (RBA) to keep the official cash rate at the low level of 2.5 per cent.
This will be the cash rate’s ninth consecutive month resting at this level, after being dropped back in August 2013. Following this drop, the housing market has undergone a number of leaps and bounds – including improved approval rates. This was spurred on, in part, by the reduced interest rates that come along with a lower cash rate.
More people are beginning to seek competitive interest rates, which Housing Industry Association Economist Geordan Murray said is great for the continued, sustained development of the economy.
“While noting the domestic economic growth has been below-trend, the RBA statement suggests the board’s confidence has been buoyed by positive developments in the household sector, most notably the strong leading indicators for residential construction,” said Mr Murray in a May 6 statement.
If you’re interested in purchasing Bulimba real estate, now could be a great time to begin thinking about your financing options and looking into the local property market.