Interest rates are unlikely to change for a while, the Reserve Bank hinted this week at its first meeting for 2014.
The Bank decided once again to leave the Official Cash Rate at the all-time low of 2.5 per cent for now, while acknowledging the impact that lower rates have had on the housing industry to date.
“In Australia, information becoming available over the summer suggests slightly firmer consumer demand and foreshadows a solid expansion in housing construction”, Governor Stevens said in a statement announcing the decision.
He added that although inflation might lean slightly higher than predicted, it is likely to stay fairly consistent over the next few years, so ‘on present indications, the most prudent course is likely to be a period of stability in interest rates’
This means that more people are continuing to be able to purchase their own homes in the Southern Highlands, so property price are moving up. But this does not mean panic buy, but if you are considering purchasing real estate in the Southern Highlands, take your time to find the right house, but once you do, don’t take too long to negotiate for your property.