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Interest rates at historic low

By Rebecca Zhang

The second board meeting held by the RBA has revealed that the interest rate will be on hold this month at 2.25%. Experts say the main driver behind this steady rate is due to the housing market. BIS Shrapnel’s Richard Robinson predicted that rates would remain steady and said the main driver behind the likely decision was the housing market. “They will hold to avoid overheating the housing market and to keep their powder dry for when they might want to ‘encourage’ another drop in the exchange rate,” he said (as cited in Smart Property Investment).

The positive news for buyers is that the strong prices indicate that more people will be willing to put their houses on the market, which would provide an increase in listings in autumn and winter.

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