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Further economic development on Australian horizon following cash rate cut

ByJames Brown

An encouraging environment has developed over the last few months for buyers interested in taking out a home loan for real estate in Burpengary – and conditions have improved even further in May. 

The Reserve Bank of Australia announced an additional cut to the nation's official cash rate, which has dropped to the historic low of two per cent at the beginning of May.

Following an initial cut to 2.25 per cent in February, this could be a great incentive for buyers sitting on the fence about taking out a mortgage and purchasing their own home. 

Housing Industry Association economist Geordan Murray said the cut comes as new home building figures reach a record high, as anticipation for further development continues to grow.

He said support for this industry was an important aspect of Australia's overarching growth, which was supported by Master Builders Australia's chief executive officer Wilhelm Harnisch. 

"It will boost confidence and ensure the housing industry is able to continue to perform strongly as one of the key engines of GDP growth and jobs," said Mr Harnisch in a 5 May statement.

Now could be a great time to begin looking into the local housing options available to you, so get in touch with a real estate agent in Burpengary today. 

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