Retained Interest Rates Good for Potential Buyers in Broadbeach
As the national property and housing market continues to recover, the latest data from the Australian Bureau of Statistics (ABS) has highlighted that the inflation rate during March remained within the threshold established by the Reserve Bank of Australia (RBA).
The ABS release reported a weighted median of 2.7 per cent for inflation over March. This rests within the RBA's threshold of between 2 and 3 per cent, indicating a healthy economic standing for the nation.
Shane Garrett, senior economist for the Housing Industry Association, said this means interest rates can be expected to remain at their low level, following the reduction of the cash rate to 2.5 per cent back in August 2013.
At the same time, Loan Market reported that home loan approvals have been very high throughout 2014, likely spurred on by the low interest rate environment.
"The data released today by the ABS confirms that 2014 is off to a great start – home owners and buyers are returning to the market and they're building momentum," said Loan Market Director Mark De Martino in an April 9 statement.
This could provide a fantastic opportunity for buyers interested in Broadbeach real estate to secure a competitive mortgage and low interest rate in the coming months, aiding their overall property goals in the long term.