Reprieve for mortgage holders as RBA leaves interest rates on hold

In a welcome move for mortgage holders, the Reserve Bank of Australia (RBA) has decided to leave interest rates unchanged in its recent announcement. This decision comes as a relief for homeowners and property investors who have been closely monitoring the interest rate environment. In this blog post, we will explore the implications of the RBA's decision and how it affects mortgage holders.

At its monthly meeting on Tuesday, the RBA board left the official cash rate unchanged at 4.10%.

In a statement, RBA governor Philip Lowe said inflation in Australia had passed its peak and the monthly CPI indicator for May showed a further decline.

But he added, inflation is still too high and that it will remain so for some time yet.

The higher interest rates are working to establish a more sustainable balance between supply and demand in the economy and will continue to do so. 

In light of this and the uncertainty surrounding the economic outlook, the Board decided to hold interest rates steady this month. This will provide some time to assess the impact of the increase in interest rates to date and the economic outlook.

The RBA signalled that more tightening may be needed to rein in inflation, with many expecting another hike – the 13th since May 2022 – to come as early as next month.

More tightening is expected to be needed to bring inflation back to the RBA's target, but rates are close to their peak, which is good news for the housing market.

The housing market has so far shown remarkable resilience to sharply higher interest rates. The PropTrack Home Price Index revealed Australian home prices jumped again in June, rising 0.3% month-on-month. National prices were now just 0.1% lower than they were a year ago, and across the capitals, prices were now higher than at the same time last year.

Source - Realestate.com.au

Posted on Thursday, 06 July 2023
by Melanie Murace in Latest News

Previous Next

Archived Posts

Tags

#DeeWhyMasterPlan #DeeWhyPropertySales #DeeWhyTownCentre #DoyleSpillane #DoyleSpillanePropertyManagement #FAQ #FAQs #FederalBudgetProperty #NegativeGearing #keepyourhousecool #locallyyours #mostcommonquestions #newlaws #newresidentialtenancylaws #newtenant #NorthernBeaches #NorthernBeachesCommunity #NorthernBeachesHousesforSale #NorthernBeachesProperty #NorthernBeachesPropertyManagement #nswstratalaws #propertymanagementnorthernbeaches #propertystyling #RateMyAgent #renovation #northernbeaches #locallyyours #RPM #SpringPropertySales #summerenergysavingtips #SydneyHouseHunting #SydneyPropertyMarket #tenancylaws #tenant #tenanttips #underquotingreforms #winterpropertystyling Airbnb Auctions Northern Beaches Australian Property Monitors dee why property management department of Fair Trading Depreciation on Property Investment Doyle Spillane landlord tips Doyle Spillane Property Management Doyle Spillane property mangement Doyle Spillane Property Sales Doyle Spillane Real Estate Doyle Spillane Selling Tips executive homes for lease geoffharris Heart for the Homeless home and unit renovations houses to lease northern beaches landlords leasing northern beaches Love your local business Moving Northern Beaches Northern Beaches Investment Properties Northern Beaches Project Management Northern Beaches Property Investment northern beaches property management Northern Beaches Property Sales Northern Beaches Rental Market Northern Beaches Sales northernbeachesproperty NSW Department of Fair Trading NSW Strata Laws Property Investment property management Doyle Spillane property management Northern Beaches Property Observer Property Sales Northern Beaches ratemyagent residential property manager RP Data RP Data Quarter Rental Review Short Term Rentals Northern Beaches Smith Family toy& book appeal Spring Cleaning Spring Property Sales Strong Market for Northern Beaches Rentals Sydney Apartment Living Sydney Property Market Investment Tax and Property Investment Tenancy Complaint Service tips for Landlords tips for leasing your property Tips for Preparing Your Home for Sale Vic Lorusso