The Reserve Bank of Australia has announced that the cash rate is remaining at 2.25%. The decision handed down yesterday afternoon is good news for homeowners, as they can continue to enjoy historically low rates.
With the economy somewhat stagnant, many expected the Reserve Bank to cut rates in an attempt to encourage spending. While that wasn’t the case, the Reserve Bank has signalled that another drop will happen if necessary.
By erring on the side of caution, the Reserve Bank is attempting to keep Sydney’s soaring property market in check. House prices in the capital have risen by almost 14% in the last year, and a rate cut could further stimulate this growth.
Locally, the Brisbane property market is in good shape, with buyers able to take advantage of low rates and steady house prices. Whether you are looking to purchase a property or refinance, I can help you take advantage of the current cash rate.