With the rising strength of the Australian property market, now could be the perfect time to consider purchasing commercial property in Darwin. And these prospects have been encouraged even more, as the Reserve Bank of Australia (RBA) announced the decision to retain the official cash rate at the historically low level of 2.5 per cent.
This is great news for those interested in buying property in the near future, as the RBA’s decision will underpin continued lower interest rates on credit products nationwide – including home loans and mortgages. Housing Industry Association Chief Economist Harley Dale said the decision by the RBA would be fantastic for further increases in the nation’s real estate strength – both residential and commercial.
“That interest rate outlook is supportive of healthy levels of new residential construction activity throughout 2014/15. That is a tick in the box for the Australian economy – new housing is a clear bright spot for domestic demand and it needs to continue to shine,” said Mr Dale in a 2 September statement.
With economic benefits expected across the nation, now could be a great time to consider moving into the local property market and pursuing your own business aspirations.