Gold Coast property could be well within your reach in the near future, with the official cash rate being retained at the historically low level of 2.5 per cent following the Reserve Bank of Australia's (RBA) decision yesterday (March 4).
With the cash rate's effect on home loan interest rates, these circumstances could provide a landscape for further investment in residential property in the Gold Coast over the next month, which could be extremely useful for those interested in expanding their property portfolio.
Governor of the RBA Glenn Stevens said in a statement the financial conditions across the nation were accommodative, with the official cash rate being kept at the current level to further stimulate growth along these lines.
Monetary policy is altered to help the nation reach a sustainable economic position, with current growths and changes in the housing industry gearing up to provide long-term support for Australia's financial standing in the coming months.
Housing Industry Association (HIA) Economist Geordan Murray said this was due to the declining degree of mining investment and the general trend away from the industry.
"The RBA appears satisfied with the way households are responding to current policy settings and particularly encouraged by the improvements in leading indicators of activity in the residential building sector," said Mr Murray in a March 4 statement.