With the national elections looming on the horizon, the Reserve Bank of Australia (RBA) has made the sensible decision of leaving the official cash rate unchanged.
The rate will therefore stand at the historically low level of 2.5 per cent it reached in August this year, following continued slashes since November two years ago.
Real Estate Institute of Australia (REIA) President Peter Bushby said that increased homebuyer confidence was one of the positive results of the low cash rate – meaning that it could still be a good time for anyone looking to invest in real estate in Surfers Paradise to make their move.
He also said that whoever is in charge of the country from the end of this week needs to adopt a strong housing policy to further boost the economy.
"Housing affordability is a real issue for Australians and first home buyers need an incoming Government to address this through a comprehensive housing policy," he said in a September 3 media release.
"Keeping interest rates low is essential not only for encouraging first home buyers into the market but it's vital to further stimulate building activity and provide new jobs in the housing industry."