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|Posted on December 2, 2015 at 9:52 PM||comments ()|
The Reserve Bank has left the cash rate on hold today at it's record low of 2.0% as was predicted by most economists.
RP Data released in November revealed that after three years of solid price growth, home values in Sydney are now falling. With a 1 per cent drop over the past three months, houses were hardest hit – falling 1.4 per cent, while units bucked the trend increasing 0.6 per cent. This overall decline is in line with auction clearance rates also dropping in November.
We are unsure what to expect at the next meeting, and given it is in February we expect a lot of discussion about its likely outcome between now and then.
On that note, I would like to take this opportunity to wish you a wonderful holiday season and look forward to staying in touch in the new year.
|Posted on November 3, 2015 at 10:06 PM||comments ()|
The Reserve Bank has once again left interest rates on hold at the historic low of 2 per cent. However commentary in the meeting, suggested a rate cut could be on the cards in the near future.
Auction clearance rates in Sydney and Melbourne hit their lowest points this year and capital city property prices flat-lined over October. This drop off, coupled with some banks raising their interest rate, is casting shadow over consumer spending leading into Christmas.
It will certainly be an interesting couple of months to end 2015, and likely to be a very different playing field to what the year kicked off with,
|Posted on February 4, 2015 at 12:30 AM||comments ()|
THE Reserve Bank has cut official interest rates to a new low in a decision that paves the way for the cheapest home loans in more than 40 years, a weaker Australian dollar and further increases in house prices.
Returning from a two-month summer break, the RBA board ended a mounting frenzy of speculation over whether interest rates should, or would, be cut, choosing to end a period of interest rate stability that had seen official rates at 2.5 per cent for the 17 months, since August 2013.
Economists still expect the bank to cut rates at least one more time this year.
“We hope lenders will pass on the full rate cuts and more to their variable rate home loan customers because there’s no excuse not to pass on the full cuts. Lenders have kept 0.45 percentage points on average of cash rate cuts from variable rate home loan customers since the cash rate began to fall in November 2011,” said Michelle Hutchison, an analyst at Finder.com.au
Few were expecting an interest-rate cut only a week ago, citing the RBA’s December statement that “a period of stability in interest rates” was the most likely course. But an article by veteran Herald Sun finance commentator Terry McCrann last Thursday — who has accurately predicted more than half of the RBA’s interest rate moves since the GFC — moved expectations dramatically in the direction of a rate cut.