Now could be a wonderful time to consider beginning your own search for real estate in Bunbury, after the Reserve Bank of Australia (RBA) retained the nation's official cash rate at the historically low level of 2.25 per cent for yet another month this April.
However, Housing Industry Association chief economist Harley Dale said the RBA had signalled further cuts to the cash rate as 2015 went on – helping to further the growth of Australia's economic health.
"The national new housing construction cycle is a highlight in an otherwise sombre environment for domestic demand. Two rate cuts in quick succession would bolster the strength in new home building and assist in generating momentum elsewhere in the economy," said Mr Dale in a 7 April statement.
More cuts could be great news for buyers in the near future, with the official cash rate affecting a number of different economic and financial factors – including the interest rates banks offer on mortgage products.
Often lenders will pass cash rate drops on to customers, potentially cutting down the amount a homeowner will need to pay on their mortgage, thanks to lower interest rates.