Another Record Low as Interest Rate Falls to 1.50%
In the lead-up to the Rio Olympics, a new Australian record has already been shattered, with the RBA once again cutting the official cash rate from the historic low of 1.75% to an all-time low of just 1.50%.
This is on the back of the fact that the Australian property market remains strong. A recent report indicates that, in the past 12 months, some regional areas have actually overtaken and eclipsed capital cities, with up to 17.8% growth over the past 12 months.
If you live in a city, there’s no need to panic – according to Core Logic data, the Home Value Index rose by 0.8% last month, with the already strong city home prices rising 6.1% overall since one year ago.
So as we near spring, the traditional time for a reinvigorated interest in the property market, owners can rest assured their home will continue to be a safe investment.
The low interest rate is also welcome news for those looking to buy and will ensure the housing market remains buoyant for some time yet.
Elsewhere, there are other positive signs for the future, such as full-time jobs rising by 34,500 in June. Inflation sits at just 1%, the lowest it has been for 17 years.
Meanwhile, Australian tourism has proved to be especially lucrative – Chinese and Hong Kong tourists now outnumber all other visitors to Australia, spending a record $8.9 billion up to March this year, a 40% increase on the previous year.
Locally at Stroud Homes Gold Coast we are excited by two major achievements of late:
Come check out these two amazing homes today!
Needless to say, if you would like any advice about building here on the Gold Coast, don’t hesitate to call us for advice – 1300 669 938
Or contact our preferred finance advisor:
Until next time,
Stroud Homes Gold Coast