Homebuyers will be happy to hear the Reserve Bank of Australia (RBA) has hinted that interest rates are unlikely to change anytime soon.
In the latest minutes released from its meeting earlier this month, the RBA board signalled little movement for the rest of the year.
“At recent meetings the board had judged that it was prudent to leave the cash rate unchanged, while noting that the cash rate could remain at its current level for some time if the economy was to evolve broadly as expected,” the minutes read.
“Developments since the previous meeting had supported that assessment.”
Board members also noted the robust property market and its impact on the broader economy.
“Ongoing strength in the established housing market and low lending rates were expected to support new dwelling activity,” the RBA said.
“Loan approvals and first home buyer grants for new dwellings had also increased of late. [Board] members noted that construction firms were optimistic about the outlook and had reported a pick-up in enquiries from prospective new home buyers.”