Owners of Surfers Paradise property are set to benefit from the latest cash rate decision, in which the Reserve Bank of Australia (RBA) decided to keep on hold at 2.75 per cent.
This is also good news for those looking to secure a new property or slice of Main Beach real estate, as a reduction in rates may lead to more people being able to afford a shift into the property market.
Commenting on the RBA's latest decision, Loan Market director Mark De Martino stated that the recent rate reductions have led to increased activity in the housing finance market from home buyers.
As the current cash rate is at a 53-year historical low, it may present a good opportunity for buyers to take advantage of low rates being offered by mortgage lending companies.
"Most two year fixed interest rate products are nearly one per cent lower than variable, there’s considerable savings to be had for those who don’t anticipate variable rates averaging that in the next two years," said Mr De Martino in a July 2 statement.
To gain some expert help and assistance with your search for property, contact one of the agents at Ray White Surfers Paradise.