Steady Cash Rate Good News For Home Buyers In WA
In a new development with Australia’s cash rate, the house land packages Perth will benefit. The Reserve Bank of Australia announced that the official cash rate will be unchanged at two percent. According to David Airey, REIWA President, this decision from the Reserve Bank is great news for West Australia home buyers.
Low interest rates
The stability of the rates will provide the home buyers with confidence in a slowing market. The property listings in WA are sitting above the long term average and with interest rates at its lowest point, home buyers in the WA region are in a very good position to buy properties with an increased number of listings to pick from. Buyers are expected to flock the market with the low interest rate and lenders are expected to be in their competitive stance.
Governor Glenn Stevens said that the low interest rate of Australia was acting in support to consumer borrowing and spending. The governor added that credit is recording an overall growth. The growth when it comes to lending to the property market increased steadily in the past months.
Statement from governor
The global economy has been expanding at a very moderate pace with some pullbacks in conditions especially in China and in East Asia but there is a promising US growth. The prices of commodities are much lower a year ago which in part reflects increased supply including those from Australia. The terms of trading in Australia is falling.
In the period ahead, the Federal Reserve is expected to increase the policy rate but there are some central banks that are still hoping that the policy will ease. Lately, equity markets are reported to be much volatile as it has been affected with the recent developments in China. The other financial markets though have been relatively stable. The borrowing rates for creditworthy private borrowers and sovereign borrowers remain to be relatively low. Overall, the financial condition in the global market remains to be very accommodating.
In Australia, information suggests that the economy continues to grow. There has also been a strong growth in employment and a steady rate of unemployment in the past year.
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