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RBA Interest Rate Update

Cash rate falls to 1.75%

The RBA has reduced the cash rate by 0.25 basis points to the new record low of 1.75%!

The effect of today’s decision on property markets will be determined by how much of the rate cut is passed on by lenders. Today’s reduction in interest rates will improve affordability for first home buyers and owner-occupiers, who have also seen reduced completion from investors over the last couple of months.

rate update

Key indicators

– Capital city home values rose by 1.7% in April and 7.3% over the past year.
– Listings remain tight despite being 5.1% higher than last year.
– Hobart and Darwin houses have the highest rental yields, at 5.3% and 5.2% respectively.
– The unemployment rate fell from 5.8% in February to 5.7% in March.
– CPI for the March quarter fell by -0.2%, taking annual inflation to 1.3%.
– The Australian Dollar traded between US$0.75 and US$0.78 during April.

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