The Reserve Bank of Australia decided to keep interest rates on hold at 2.5 per cent at its November Board meeting today (4 November 2014).
REINSW Deputy President John Cunningham said the Reserve Bank of Australia’s decision to keep interest rates on hold at 2.5 per cent since August 2013 is the long run of stability since June 2002 to October 2003 run.
“After five out of the last eight November Board meetings saw moves up or down, the RBA has chosen not to back precedence this Cup Day.
“We expect that rates will remain stable and may even break the longest streak of steady rates ever seen in Australia.
“Again we caution those interested in purchasing property to ensure that they review the market carefully and not overextend themselves,” Mr Cunningham said.
The official cash rate has fallen 225 basis points since November 2011, with the RBA cutting interest rates twice in 2013 in May and August.
The RBA will next meet on Tuesday, 2 December 2014.
For further information or to arrange an interview with REINSW Deputy President John Cunningham please contact Helen Hull at [email protected] or 0419 642 961.