Australia’s official cash rate will remain on hold at the historically low level of 0.10 per cent after the Reserve Bank of Australia (RBA) decided it was the best move for the economy. You can check out today’s official statement on the RBA’s website.
The RBA’s decision was widely anticipated. Last month, RBA Governor Philip Lowe said the board would not increase the cash rate until actual inflation was within the 2 to 3 per cent target range – a condition that will not be met before 2024.
Lowe noted that housing markets continued to strengthen, with prices rising in all major markets and strong credit demand from owner-occupiers, plus increased borrowing by investors.
Interest rates are unbelievably competitive at the moment, so now is the time to shop around. Get in touch with us and we will find you a competitive mortgage that ticks all your boxes.
Property market snapshot
All dwellings | Auctions / clearance rate | Private sale | Monthly home value change | |||
VIC | 91 / 90% | 1135 | ▲ 1.16% | |||
NSW | 346 / 91% | 1563 | ▲ 1.78% | |||
ACT | 19 / 95% | 50 | ▲ 2.16% | |||
QLD | 120 / 74% | 1400 | ▲ 2.02% | |||
WA | 3 / 67% | 738 | ||||
NT | 1 / 24% | 24 | ▼ – 0.12% | |||
TAS | 0 / 0% | 206 | ▲ 2.16% | |||
SA | 82 / 89% | 738 | ▲ 2.25% |
