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Buying Property in St George? Cash Rate Still Low!

By Louise Morrin

Those looking to secure real estate in St George may find that 2014 is the time to do so. 

The Reserve Bank of Australia (RBA) decided to leave the official cash rate unchanged at 2.5 per cent yesterday (March 4).

Though the decision was largely expected, it should be welcomed given that it creates favourable conditions for buyers of property in Carlton.

A lower cash rate influences lenders' interest rates, with lower rates making home mortgages a more affordable option for young professionals, couples and families wanting to secure the perfect property in the St George area. 

RBA Governor Glenn Stevens announced that "a solid expansion in housing construction" is forecast, which could be particularly useful for first home buyers looking to buy property in Sydney, which has seen high demand result in an upswing of medium and high density dwelling approvals recently. 

In relation to the wider economy, "inflation is expected to be consistent with the 2 to 3 per cent target over the next two years," noted Mr Stevens.

Furthermore, "monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target," announced Mr Stevens. 

The RBA expects to follow a course of stable interest rates, noted Mr Stevens.

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