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RBA urged to hold pause on rates
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RBA urged to hold pause on rates

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The Reserve Bank of Australia left the official cash rate on hold yesterday at 4.75 per cent, as was widely anticipated.

The central bank has now left the official rate on hold since December of last year and the industry wants to see this stability remain.

Loan Market Group chief operating officer Dean Rushton said the Reserve Bank should leave the cash rate on hold for the remainder of 2011.

Multiple rate rises in 2010 were still having an impact through much of the economy, he said.

“In particular the November rate increase accompanied by the banks’ additional rate increases has had a significant influence on consumer sentiment and many elements of the economy, particularly the home finance market and the retail sector, are still struggling as a result,” Mr Rushton said.

Mr Rushton said consumer confidence was also suffering as a result of the various natural disasters that have occurred in recent months.

“Interest rates look like staying on hold for some months and most economists are now forecasting that this year there may only be one more quarter percentage point increase,” he said.

“We would like to see the RBA stay its hand for the remainder of 2011 to allow consumer confidence to return and to take undue pressure of household budgets.”

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune in to this episode of Property Showcase!




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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.


Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.




If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: Facebook, Twitter and LinkedIn.


If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!



RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
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  ["title"]=>
  string(75) "Regional Victoria showing up Melbourne in price performance, new data finds"
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.


The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.


Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.


Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.


Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.


REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.


“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 


In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.


“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.


Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.


“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.


Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.


“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.
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Regional Victoria showing up Melbourne in price performance, new data finds

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