The low cash rate that has fueled Australia’s hot property market will remain – for another month at least.<\/p>\n
Reserve Bank of Australia Governor Glenn Stevens said that the Board judged it was the appropriate decision at the July 7 meeting.<\/p>\n
“In such circumstances, monetary policy needs to be accommodative. Low interest rates are acting to support borrowing and spending,” Stevens said.
\n\tFollowing the interest cuts, growth in lending to the housing market has increased, with the rates making a new home loan more accessible to everyday Australians.<\/p>\n
However, basic economics states that an increase in demand will be met with higher prices to balance the market.<\/p>\n
In fact, over the first quarter of this year, the median house price in Australia reached a record high, according to a report from the Real Estate Institute of Australia (REIA).<\/p>\n
“The weighted average, median house price for the eight capital cities is now $658,608 and with exception of Brisbane and Perth all capitals contributed to the increase,” said REIA President Neville Sanders.<\/p>\n
If you’re in the market for a home loan in South Australia, here a few saving tips for getting ahead of the competition and buying the abode you really want.<\/p>\n