Last week the Reserve Bank kept the official cash rate at its historic low of 1.5 per cent for the 13th consecutive month.
And despite some lenders tweaking their own rates for borrowers, the cash rate is tipped to remain at record lows for some time and property markets to remain reasonably buoyant. “Coupled with steady employment levels, this is good news for the property market on the whole” says Craig Pontey, Director Ray White Double Bay.
“The Sydney property market, particularly the Eastern Suburbs remains strong after a whirlwind period of growth. Solid competition will continue into Summer,” he said. “We continue to record buoyant prices and our auction clearance rates remain high, giving us cause for optimism for the housing market as we move into the hotter months.”
The low and stable interest-rate environment means buyers can look forward to near record-low mortgage lending levels for an extended period.