Official cash rate retained for another month

By Nick Syrimi

Taking the opportunity for secure commercial real estate in Darwin over the next month could be a great move to make, with the official cash rate being retained by the Reserve Bank of Australia for November. 

After dropping to the historic low of 2.5 per cent back in August 2013, the nation has experienced an increasing number of people making moves into the property market in order to take advantage of the reduced interest rates. 

Housing Industry Association chief economist Harley Dale said the interest rate has resulted in a boost to new residential building activity, which is anticipated to remain increased for an extended period of time. 

"Borrowing costs are set to remain at or close to record lows for some time to come. Super low interest rates have unleashed substantial pent-up demand for new housing to the benefit of many parts of Australia's domestic economy beyond residential construction," said Mr Dale in a 4 November statement. 

He went on to say the nation was approaching a record period of stable interest rates, highlighting the level of confidence in the current Australian property market across the various states and regions. 

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