Despite inflation rising faster than expected, the Reserve Bank of Australia (RBA) confirmed today, that the official cash rate will remain on hold at 0.1%. At its first meeting for the year, the RBA confirmed that the cash rate will not be increased until inflation is sustainably within the 2 to 3 per cent target range, the labour market improves and wages increase.
The RBA has consistently stated in recent months that the official cash rate is unlikely to change before 2024. The record low interest rate is just one factor underpinning continued demand for housing across the nation.
In the RBA media release today, Governor Philip Lowe stated that “there are uncertainties about how persistent the pick-up in inflation will be as supply-chain problems are resolved. Wages growth also remains modest and it is likely to be some time yet before aggregate wages growth is at a rate consistent with inflation being sustainably at target. The Board is prepared to be patient as it monitors how the various factors affecting inflation in Australia evolve”.
According to Domain, however, experts are skeptical and predict we may see a rise in interest rates in the near future and that people should factor this possibility in to any decision making.
When it comes to big decisions about buying or selling in the current market, a property advocate can help you with every step of the process. At Chamberlain Property Advocates, we are here to help. Call us to have a chat about your real estate plans for 2022.
Looking to buy in Melbourne and sick of missing out at auction? Talk to me about how I can help you buy your new home faster, for less.
Ask about our Home Buyer Search and Acquisition Service, where we do all of the legwork on your behalf to MAKE IT EASY to secure your new home.
To book a free 30-minute consultation, simply click here and choose a time convenient to you. Alternatively, give me a call on 03 9686 2288 to discuss how I can help.
Give me a call on 03 9686 2288 to discuss how I can help. I offer a free consultation, so why not call today?
By Wendy Chamberlain
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With a passion for all things real estate spanning 20 years, Wendy loves that her role as a Buyers and Sellers Advocate gives her buying and selling clients an experienced voice they can trust when it comes to negotiating to buy or sell something as important as their home or investment. Wendy considers it a privilege to be asked to help others realise such an important goal as home ownership and to be trusted with that honour. Get in touch today via www.chamberlainadvocates.com.au for a no obligation chat about how Wendy can work with you and help you save time and money to secure your new home sooner.
