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It’s steady-as-she-goes for homeowners, with the Reserve Bank of Australia again leaving official interest rates on hold.
The official interest rate remains at 2.5% – the same level it’s been since this time last year.
Reserve Bank Governor Glenn Stevens says it’s still prudent to have stable interest rates.
He says there has been moderate growth in consumer demand and a strong expansion in housing construction.
“Interest rates are very low and for some borrowers have continued to edge lower over recent months.”
“Savers continue to look for higher returns in response to low rates on safe instruments. Credit growth has picked up a little, including most recently to businesses.”
“The increase in dwelling prices has been slower this year than last year, though prices continue to rise.”
With this being said RP Data recently reported Australian dwelling values increased 1.1% in the three months to July. Although the rate of growth is slowing, policy makers, including the RBA, are likely to be keeping a close eye on the ongoing increases in home values across the two largest cities (Sydney and Melbourne).