RBA leaves interest rates on hold
August 2019: RBA Cash Rate Decision Announced
After two consecutive interest rate cuts, the Reserve Bank of Australia has left the official cash rate on hold at the record low 1.00%. As we head into the spring season, there are signs that housing prices are starting to slowly rise, with buyers returning to the market.
With that in mind, many people are pondering how to add value to their biggest asset. One area that is going to be more relevant in the future is the green credentials of a home, particularly to the younger market.
Do environmental considerations add value to your home?
A recent survey* of 25 to 40-year-old market showed that 52% said it was ‘somewhat’ or ‘very important’ that their home was made with sustainable features. 49% said they would be ‘more likely’ to buy an eco-conscious home, with around a third saying they would pay more for a home with green credentials.
The most desired features were double glazing, natural light, solar panels and energy efficient appliances.
If you’re considering eco-features for your current home, you have a few options. The most popular in Australia are solar panels and rainwater tanks.
If you install a renewable energy system or an eligible hot water system, you may be able to receive a benefit under the Small-Scale Renewable Energy Scheme. It’s also possible that you may be eligible for a rebate if you install a rainwater tank, depending on your state and circumstances.
So, installing eco-conscious features in your house could very well increase the its value, as well as ultimately saving you money.
If you have any questions, please don’t hesitate to contact me.
Click here to read the offical RBA statement by Philip Lowe, Governor.
Until next month.