BREAK CONTINUES FOR BORROWERS AS RATES ON HOLD FOR JULY

Century 21, the largest real estate company in the Asia Pacific region, welcomed the decision made today by the Reserve Bank of Australia to leave interest rates on hold at 4.75 per cent as one that was in the best interests of Australian homeowners.
“This decision is appropriate for current economic conditions, especially those we are seeing in relation to consumer spending and housing,” said Chairman and Owner of Century 21 Australia, Charles Tarbey.
The Reserve Bank’s decision marks the seventh consecutive meeting at which rates have been kept steady, and comes at a time when many aspects of the Australian economy look to be struggling.
Despite the continued strength of Australia’s mining sector, recent data shows a decline in consumer spending, weakening housing finance figures and a fall in property values.
“This decision provides a boost for the residential property market and will come as much-needed relief to many mortgage holders across Australia, a large number of whom are already facing pressures to keep up with their monthly repayments,” continued Charles Tarbey.
“Borrowers should however prepare themselves for the possibility of a rate rise in August, as by then the Reserve Bank will have seen the latest inflation data which will serve as an important guide for its decision,” concluded Charles Tarbey.
The nation’s measure of price inflation, the Consumer Price Index (for the quarter to June), is set for release by the Australian Bureau of Statistics on July 27.

About Port Douglas

Port Douglas real estate - Real estate in Port Douglas is now sought after the world over. Our passion for where we live stems from Port Douglas being the only place in the world where two natural, world heritage listed sites (the Great Barrier Reef & Daintree Rainforest) exist side by side. If you would like buy or live in your own piece of paradise, please browse our real estate listings http://www.realestateportdouglas.com.au The views expressed in the Port Douglas blogs are not those of Century 21 Port Douglas Real Estate nor the Century 21 franchise.
This entry was posted in Banks, Interest Rates Australia, Investors, Port Douglas, Property Investor, Queensland, Real Estate, REIA. Bookmark the permalink.

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