As expected, the Reserve Bank of Australia (RBA) has held the official cash rate at 0.10 per cent, retaining a record low streak. To view the official RBA statement from today, please visit the Reserve Bank’s website.
This decision was what most experts were predicting, in line with the RBA’s forecast that it would likely hold the cash rate until at least 2024 to allow the labour market to tighten enough to generate wage growth.
The RBA said at its June meeting that it would not increase the cash rate until actual inflation was sustainably within the 2 to 3 per cent target range.
With record low interest rates, rising prices across major markets and strong demand from owner-occupiers, the competition is fierce in the Australian property market. So if you’re considering buying soon, get in touch with us now to arrange your pre-approval, so you can act fast and negotiate with confidence when you find the right property.
Property market snapshot
| All dwellings | Auctions / clearance rate | Private sale | Monthly home value change |
| VIC | 666 / 85% | 1487 | ▲ 1.74% |
| NSW | 429 / 91% | 1730 | ▲ 2.58% |
| ACT | 46 / 96% | 62 | ▲ 2.35% |
| QLD | 110 / 64% | 1387 | ▲ 1.93% |
| WA | 3 / 67% | 697 | ▲ 0.16% |
| NT | 0 / 0% | 17 | ▲ 0.83% |
| TAS | 1 / 100% | 169 | ▲ 3.01% |
| SA | 59 / 95% | 376 | ▲ 1.64% |
If you’d like to know more about this announcement and what it means for you, talk to us today!