The Housing Industry Association (HIA) has highlighted the strength of the current cash rate, which has been retained for another month. Reaching the seventeenth consecutive month, the nation's cash rate could be see a new record set, pushing out the current high of 19 months between December 1994 and June 1996.
HIA chief economist Harley Dale said the current cash rate of 2.5 per cent was expected to remain steady until well into 2015, with the record breaking in March of next year. Furthermore, this bodes well for the future of the housing sector in Australia.
"We've just seen an impressive update for Australia Bureau of Statistics building approvals supportive of very elevated levels of new home construction persisting into next year," said Mr Dale in a 2 December statement.
"New home building taking a further step up will require policy makers to step in and undertake significant reform, not sit back and expect record low borrowing costs to generate a fresh round of upward momentum."
With these figures expected to stay strong heading into the future, now could be a good time to get in touch with a local real estate agent and start looking into purchasing your own property in Carlton.