The Reserve Bank of Australia today announced that it would be leaving interest rates unchanged at 4.25%. They have kept this rate despite a weakening of the Australian economy and below average growth expected in the world economy.
According to a recent study by Genworth only 1 in 5 homebuyers has experience mortgage stress over the last 6 months down from September last year. Homebuyers are however still concerned about higher living costs and unemployment fears. The researchers behind the study were confident however that confidence levels would be up in another 6 months time as well. All in all good news for the Perth property market.
The Reserve Bank of Australia left interest rates unchanged today at 4.25%.
According to the latest REIWA statistics the median weekly rent for a house is now $420 per week, an increase of 5% from last quarter and 10.5% from last year. The number of rentals available is declining and people are struggling to find rentals. With this rental boom going on i am amazed more people are not looking a purchasing there own property. Property prices are depressed, there is an oversupply and interest rates are at historically low levels. The gap between an average mortgage and average rent is declining all of the time, yet people still seem unwilling to buy a new property.
My honest advice is to get out of the rental market and get onto the property ladder. For help with this just contact me, i am more than willing to help.
The Reserve Bank of Australia has decide to keep interest rates on unchange at 4.25%. You can read the full report from the Reserve Bank here
Copyright © 2012 Oliver Searles