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Christian Payne

Christian Payne

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Nerrida Payne

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Judy Payne

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Ryan Clark

Ryan Clark

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Helena  Pipic

Helena Pipic

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Lexene David

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Bret Ransley

Bret Ransley

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Lesley  Mckevett

Lesley Mckevett

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Matilda Garling

Matilda Garling

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FOR THEIR FINAL MEETING IN 2013 – THE RESERVE BANK KEEPS RATES @ 2.5%

Thursday 12 Dec 2013 - by Fairfax Property Reporter - Toby Johnstone

The Reserve Bank met last Tuesday and has decided to leave interest rates hold for the next two months.

It is the fourth month in a row that the RBA has left the official cash rate on hold at 2.5 per cent - the lowest it has been in 60 years. When the bank’s board next meets in February the cash rate will have been on hold for six months.

‘‘From a housing market perspective the RBA would probably have been quite happy to see the rapid rate of home value growth slow in November,’’ senior research analyst at RP Data, Cameron Kusher, said.

The sustainability of recent house price growth has been a topic of debate over the spring selling season.

 ‘‘We should still be cautious that a bubble could form but with values starting to moderate that will further reduce the risk of bubble-like conditions,’’ said Mr Kusher.

Reserve Bank governor Glenn Stevens indicated a recent speech that there is a need for buyers, especially in hot markets like Sydney, to ‘‘take due care’’.

He has also warned borrowers in Sydney, imploring that ‘‘decisions be based on sensible assumptions about future returns’’.

Last month values in Sydney increased by 0.9 per cent; ‘‘Some pressure in the market has eased,’’ said Mr Kusher

The senior economist at Australian Property Monitors, Dr Andrew Wilson, agreed.

‘‘Concerns over an expanding housing market, with perhaps runaway house prices, are now starting to moderate,’’ said Dr Wilson.

‘‘Sydney is the only market at the moment that is showing strong prices growth and even then there are some signs of that market also moderating.’’

Dr Wilson said that could be good news for the nation’s property market.

‘‘Historically housing markets perform best when interest rates are stable,’’ he said.

 

Excerpts taken from Toby Johnstone - Fairfax Property Reporter

 

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