Interest Rates Remain On Hold
The Reserve Bank of Australia board members have decided to leave interest rates at 1.50 per cent at their first meeting of the year, according to the Real Estate Institute of NSW.
REINSW President Leanne Pilkington welcomed the decision to keep interest rates steady at the February 2018 board meeting held today.
“The most recent data indicates house price growth has slowed in the major capital city markets, reinforcing a wait-and-see approach from the RBA,” she said.
“The regulator’s efforts to dampen activity appear to be working, with tighter lending criteria having the desired effect.
“Though it’s worth remembering that a pronounced decline in house prices will impact consumer confidence, so the situation is delicate.
“Based on current conditions, we expect there won’t be a rise in interest rates until next year,” Ms Pilkington added.
The RBA will next meet on Tuesday, 6 March 2018.