Interest Rates On Hold For 2 Years
The Reserve Bank of Australia has kept interest rates steady at 1.50 per cent at its August board meeting, marking two years since the central bank has changed the rate, according to the Real Estate Institute of NSW.
REINSW Deputy President Brett Hunter said it was important to keep interest rates on hold for the remainder of the year and into 2019 to support the property market.
“Weak underlying inflation has strengthened the case for RBA to leave rates on hold,” Mr Hunter said.
“The housing market requires this stability at the moment. We don’t anticipate a change until at least April 2019,” he said.
The RBA cut interest rates by 25 basis points two years ago in August 2016 as well as May 2016. There were no changes to interest rates in 2017.
The RBA will next meet on Tuesday, 4 September 2018.