The official cash rate may have been at an all-time low since May, but experts now believe it could be in line for another cut in the not too distant future. This has the potential to bring down costs if you still haven't seriously considered buying property in Carlton.
Consumer price index (CPI) data for the September quarter show inflation is well-contained and likely to stay in the target zone over the next couple of years. Real Estate Institute of Australia (REIA) president Neville Sanders believes this increases the chances of a cash rate cut.
He explained that the CPI increased 0.5 per cent over the course of the quarter, and 1.5 per cent during the past year. This is considerably lower than the target of between two and three per cent, which "should ease any pressure on the interest rate outlook".
Mr Sanders continued: "With inflation under control and a moderating housing market, home buyers can expect a stable outlook with the possibility of a further interest rate cut."
It might be too early to say when the reduction is likely to take place. The Reserve Bank of Australia's monetary policy board is due to meet again tomorrow (3 November), while its final gathering of 2015 will be on 1 December.
Should you need any more incentive to buy property in Carlton, then the latest housing costs data from the Australian Bureau of Statistics could be just the ticket. The amount of weekly income spent on housing remained steady between 2011 and 2014 for those with a mortgage. However, rental costs increased four per cent over the same period.
Households spent an average of 14 per cent of their gross weekly income on housing costs in 2013-14, down two per cent from the previous financial year.