Data from the Australian Bureau of Statistics (ABS) concerning inflation increases during the December 2013 quarter have been greeted as good news.
The Housing Industry Association (HIA) reported in a January 22 media release that with the annual inflation rate resting comfortably in the range outlined by the Reserve Bank of Australia (RBA), it is likely that interest rates will be maintained at their current low levels.
“Today’s figures add further fuel to the notion that interest rates will remain at all-time lows for a considerable amount of time to come,” HIA Senior Economist Shane Garrett said.
“There is no justification to depart from current settings while inflation is under control and while economic growth continues to be below trend."
This sentiment was shared by Peter Bushby, president of the Real Estate Institute of Australia (REIA), who said that between the inflation rate and a "subdued economy," it makes sense for the RBA board to keep interest rates at current levels when it meets in February.
Continued low interest rates would be great news for property buyers of all stripes, from families and first-timers to investors.
If the experts' views are correct, it seems that now is a great time to consider buying real estate in St. George.