The Reserve Bank of Australia (RBA) reduced the official cash rate to the historically low level of 2.5 per cent back in August, and since then people have been taking advantage of attractive interest rates to purchase property.
After remaining unchanged for a number of months, many people expect the rate to rise. However, the minutes from the latest RBA meeting has highlighted the contrary – that there is the opportunity for further cuts to be made.
Released on November 5, the minutes acknowledge the increasing strength of the housing market, making particular note of the increasing loan approval and housing turnover rate. Furthermore, there was an growing number of dwellings constructed across the nation.
The board stated the current move is to wait and see how the market reacts. However, there is the possibility that reducing the rate lower could be an option "should that be appropriate to support sustainable growth in economic activity".
This could result in interest rates falling even lower, providing a great opportunity for anyone hoping to purchase real estate in Bunbury to secure a great home loan deal and find their dream home in Western Australia.