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It’s good news for homeowners and potential buyers leading up to Christmas – no change in official interest rates – leaving rates at historical lows.
The Reserve Bank of Australia met last week for the final time in 2013, and voted to leave rates unchanged.
If you’re in the market for a new home and trying to save your deposit, the decision gives you some surety looking to the summer ahead.
Professionals CEO, Ted Piteo, welcomed the RBA’s decision, noting the high property prices being achieved currently in some metropolitan hotspots such as Perth and Sydney.
“Adelaide and South Australia, as always, tend not to be subject to such rollercoaster dips and swings, we are much more ‘steady as she goes’,” Mr Piteo said.
“The Australian dream of home ownership is still very affordable here, especially with some of the major infrastructure projects we currently have under way, such as the development of the new hospital, Riverbank precinct, Adelaide Oval, the Southern Expressway upgrade, and the South Road upgrade, that all assist employment and economic prospects in our city.”
He said it was a good time for homebuyers and property investors, with these employment opportunities bringing with them a pool of potential tenants, and with property still presenting good value.