The official cash rate will end the year at an all-time low of 2.5 per cent, as the Reserve Bank of Australia (RBA) announces its final decision of 2013.
The news will no doubt be welcomed by those hoping to invest in real estate in Norman Gardens, as the property market has reaped many rewards from the low interest rate environment.
Announcing the decision yesterday (December 3), RBA governor Glenn Stevens explained that housing and equity markets have strengthened over recent months, which should give rise to greater investment.
Improvements in household and business sentiment have emerged lately, which the group said had resulted in a positive impact on the property sector.
Responding to the news, the Housing Industry Association noted that interest rates will need to be lowered in the new year in order to accommodate further growth in the market.
Chief economist Harley Dale emphasised that residential construction could be one of the main drivers of rebalancing growth – but only if the policy settings are right.
The cash rate has remained at 2.5 per cent since August 7, when the RBA implemented a cut of 0.25 basis points. The next announcement is due on February 4.
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