The Reserve Bank of Australia (RBA) has announced that the official cash rate will remain unchanged. Glenn Stevens, RBA Governor of Monetary Policy Decision, stated that the board would keep the cash rate at its current 2.5 per cent. He went on to claim that growth in the global economy was continuing at a moderating pace, but financial conditions are remaining enjoyable.
This is good news for both people who own or are looking to own property in Carlton. Mr Stevens went on to say that with inflation expected to stay between the current 2 to 3 per cent, interest rates could remain at their lower rate.
This is good for prospective buyers who want to invest without fear of large interest rates pushing up their repayments. On the other side, home owners are also well poised with dwelling prices continuing to rise in this period of stability.
Real Estate Institute New South Wales Deputy President, John Cunningham was pleased with this result. He lauded a period of stability that could "break the longest streak of steady rates ever seen in Australia". He warned that while this period of stability was good for all, buyers should still review the market and not go beyond their depths.