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Low cash rate could benefit property buyers

By Kevin Kelly

The official cash rate will stay at 2.5 per cent for another month, which is good news if you're thinking of buying real estate in Bunbury East.

Members of the Reserve Bank of Australia (RBA) board met earlier this week and decided conditions in the economy weren't quite right for any changes to be made.

They revealed that there's been moderate growth in the economy, but there are still some difficulties that will need to be addressed.

Commenting on the RBA's decision, the Housing Industry Association (HIA) said the choice was the right one, as it would bring advantages to the national economy.

"Significantly, the RBA has repeated its view that the economy requires a period of stable rates," said HIA senior economist Shane Garrett.

"This will provide a welcome degree of certainty to those engaged in the housing industry, as well as other areas of the economy."

Mr Garrett also discussed how low interest rates have helped spur on new home building, which is essential as many parts of the country are suffering from a shortage of properties.

The RBA board is next due to meet on 4 November and there are already suggestions the cash rate will stay on hold, making now a good time to investigate the Bunbury market.

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