RBA UPDATE | Effective March 20, 2024
From its March meeting, The Reserve Bank of Australia (RBA) has once again kept the official cash rate on hold at 4.35%. The reasoning behind this decision was highlighted in the board’s post-meeting statement, where they confirmed that “returning inflation to target within a reasonable time frame remains the Board’s highest priority.”
In an article by MPA Magazine (AU), the RBA said higher interest rates were working to establish a more sustainable balance between aggregate demand and supply in the economy. Meanwhile, PropTrack believes that the consecutive rate holds has helped boost vendor confidence. According to the property data group, new listings jumped 12% nationally from last year.
Melbourne led the capital cities, increasing by 27.8%, closely followed by Sydney on 27.7% year-on-year. New listings were also strong in Canberra (up 13.2%) and Hobart (up 4.3%). Adelaide (up 9.9%) and Brisbane (up 4.8%) recorded more new listings this year than in 2023 as well. While Perth, in contrast, recorded a 0.4% decrease.
#RBA #cashrate #march #onhold #interestrates #housing #property #insights #mortgagebrokers
