Official cash rate retained for 15th consecutive month
People looking to buy commercial real estate in Darwin will be interested to hear about the official cash rate, which has been kept at the historically low level of 2.5 per cent following the Reserve Bank of Australia's (RBA) October meeting earlier this week.
The low cash rate is great for people looking to purchase their own homes in the coming months. This is because interest rates are directly affect, by reducing in line with the cash rate. Therefore, taking out a home loan could mean locking in a lower repayment amount overall – helping to save you money in the long run.
Furthermore, Housing Industry Association senior economist Shane Garrett said the decision was widely anticipated throughout the nation's property industry, stating that those in the sector have looked forward to a degree of certainty to rely upon.
"The era of very low interest rates has provided a welcome boost to new home building, and is doing something to alleviate the shortage of dwelling accommodation suffered by Australia," said Mr Garrett in a 7 October statement.
Mr Garrett went on to predict that interest rates will remain low until well into 2015, which could give potential buyers in Darwin plenty of time to consider their options and make a great property decision for the future.