With spring bringing us great weather and most of Victoria taking the day off for the spectacular Melbourne Cup Carnival, the Reserve Bank of Australia has decided to keep the official cash rate on hold at 2.5 per cent during its monthly meeting today. Most analysts were expecting the cash rate to remain unchanged, continuing the RBA’s ‘period of stability on interest rates’.
According to the Housing Industry Australia (HIA), September quarter property prices recorded a 2.3 per cent fall nationally. Sales for apartments and detached houses, however, were up by 8.7 per cent for the quarter. Overall, the annual trend in capital gains has been moderating since a peak in April this year, which is good news for property buyers.