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Still no change for the cash rate

By Louise Morrin

Analysts have been left unsurprised by the Reserve Bank of Australia's (RBA) latest cash rate decision, which remained unchanged for yet another month.

The board analysed conditions in the current market to determine that a rate rise – or cut – was not necessary. They revealed that while moderate economic growth had been witnessed, it's not at a strong enough pace to warrant a change in the official cash rate.

Shane Garrett, senior economist at the Housing Industry Association, suggested the rate is unlikely to change any time soon. As a result, people may be spurred to buy real estate in Carlton as lending conditions work in their favour.

"Over the past year, the growth in new home building has been a vital bulwark for the economy," acknowledged Mr Garrett.

"Low interest rates have been important in supporting healthy levels of residential construction activity."

Mr Garrett suggested the construction sector has played a critical role in keeping the unemployment rate down, giving further incentive for the industry to be given the support it needs. The challenge now will be to ensure a supply of new housing projects is maintained and that any restrictions to progress should be lifted.

RBA governor Glenn Stevens indicated that regulatory changes to support the housing market seem to have taken effect, helping to level out the playing field for anyone making their first steps onto the property ladder.

Nevertheless, he named Sydney as one of the cities where prices have been rising, no doubt giving further incentive for buyers to seek the assistance of real estate agents in Carlton. If you have a particular budget in mind, then an agent will be able to work within the parameters you set and hopefully secure a property that fits the bill.

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