If you are currently looking to purchase property for sale in Wollongong, then you may want to take note of the Reserve Bank of Australia's (RBA) decision yesterday (April 2) regarding the official cash rate.
In a statement released yesterday RBA governor Glenn Stevens stated that the board has decided to leave the cash rate at three per cent.
One of the main contributing reasons as to why there is no change for this month is the lower levels of global growth that is predicted for 2013.
Mr Stevens stated, however, that domestic growth in Australia is being led by the large amounts of capital spending in the resources industry that occurred last year.
Spending has also increased in property investment – with properties offering investors high rental yields and higher prices. Higher prices may also lead to higher values, creating great opportunities to secure a positive long-term investment.
Real Estate Institute of New South Wales (REINSW) chief executive Tim McKibbin stated that the RBA's latest decision shows that they are out of touch with home buyers and the economy, and further rate cuts are needed.
"A cut in interest rates is vital for the wellbeing of the economy, and the property market in particular. This will build on the growth seen towards the end of last year and in early 2013," Mr McKibbin stated.
Mr McKibbin said that further cuts would be beneficial sooner rather than later.
"While there has been a slight recovery in the property market, a further rate cut of 25 basis points had been factored in for 2013."
At MMJ Real Estate we have a large selection of properties available – whether you're looking for apartments in Wollongong or Illawarra real estate, we can help you to find your perfect home.