Steady Cash Rate Highlights Potential for Investment in Surfers Paradise Property
The official cash rate has been retained at 2.5 per cent by the Reserve Bank of Australia (RBA) for another month, which could be great news for anyone interested in purchasing investment rentals in Surfers Paradise.
Following a month of improving dwelling approvals and home finances, the news of a steady cash rate means low interest rates will remain – allowing buyers to secure great mortgage deals and pursue their property goals without stressing about large fixed-rate home loan repayment amounts. This could be perfect for first home buyers, especially when combined with Queensland's First Home Owner Grant.
Housing Industry Association Economist Geordan Murray said the unmoving cash rate was expected by a number of industry bodies and is anticipated to last for a number of months yet.
"While noting the domestic economic growth has been below-trend, the RBA statement suggests the board's confidence has been buoyed by positive developments in the household sector, most notably the strong leading indicators for residential construction," said Mr Murray in a May 6 statement.
With these rates showing no sign of slowing down, now could be a great time to give some serious consideration towards securing property in Surfers Paradise.