Unchanged cash rate remains at 2.5 per cent for 13 consecutive months
The Reserve Bank of Australia (RBA) has decided to retain the official cash rate at the historically low level of 2.5 per cent for the 13th consecutive month. As a result, this could present a wonderful opportunity for the purchase of Darwin commercial property in the coming months.
RBA Governor Glenn Stevens said the financial situation across the nation has remained very accommodative, with long term interest rates remaining low for a variety of different industries including property. In fact, rises in interest rates are not expected in the near future, allowing for further growth of Australia's overall property market.
This attitude was also reflected by a number of different industry bodies, such as the Housing Industry Association (HIA). Responding to the cash rate news, HIA Senior Economist Shane Garrett said the expectation was for interest rates to remain low for some time into the future.
"Over the past year, record low interest rates have breathed life into sectors of the economy that had previously been on the ropes. The current climate of low rates offers the strongest hope that residential construction can continue to put the economy back on track," said Mr Garrett in a 5 August statement.