Cash Rate Decision Good News for Buyers

By Nick Syrimi

Whether you're in the market for Darwin commercial property or residential houses, the Reserve Bank of Australia's (RBA) latest official cash rate decision is a positive for mortgage borrowers seeking affordable loans.

RBA Governor Glenn Stevens cited below trend growth in Australia as one of the reasons the financial institution left the cash rate unchanged at 2.5 per cent for the seventh consecutive month.

"Some indicators of business conditions and confidence have improved from a year ago and exports are rising," Mr Stevens said.

"But at the same time, resources sector investment spending is set to decline significantly and, at this stage, signs of improvement in investment intentions in other sectors are only tentative, as firms wait for more evidence of improved conditions before committing to expansion plans. Public spending is scheduled to be subdued."

In short, now is not the time to make it more difficult for consumers to obtain the money they need to invest in sectors such as real estate.

Mr Stevens went on to say the RBA believes stability in interest rates is important, indicating rates will likely remain low for the foreseeable future. However, nothing is certain when it comes to rate fluctuations, making now the ideal time for property buyers to seek out residential and commercial property in Darwin.

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