March to a happier tune: cash rate hold shouldn’t dampen spirit The Reserve Bank of Australia’s announcement to keep the cash rate steady for the month ahead shouldn’t dampen property owners and buyers spirits. There have been plenty of positive signs of an emerging uplift in conditions, particularly in sectors of the economy that correlate closely to interest rate movements.
For a start, interest rates are at historic lows and any further cuts will be icing on the cake for existing borrowers and those looking to get into the property market. In addition to low interest rates we have a subdued unemployment rate, which according to the Australian Bureau of Statistics is currently standing at 5.4%. Furthermore, property prices appear to be on the rebound, with national home prices rising by 1.3% over the year to February, according to the latest research by RP Data showing better long-term capital growth prospects.
All these signs point towards an improving domestic economy and property market.
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