RBA UPDATE – MARCH 2023

RBA UPDATE | Effective March 8, 2023

The Reserve Bank of Australia (RBA) has risen the official cash rate by 25 basis points to 3.60%, making this the tenth consecutive increase for the nation.

Despite less properties, auction clearance rates across Australia remained surprisingly strong, according to CoreLogic. Offering a positive sign for the housing market, suggesting that buyers are confident in property market longevity.

It is important to review your home loan regularly to ensure it still meets your needs. Working with a mortgage broker or trusted finance professional can help make the process easier.

The Reserve Bank of Australia (RBA) has risen the official cash rate by 25 basis points to 3.60%, making this the tenth consecutive increase for the nation. Board members stated that the increase “was warranted”, despite Australian’s also experiencing increases to the cost of living. The board’s decision was influenced by wages, unemployment, services demand, supply chain issues and the 33-year record high inflation.

Despite a lower volume of properties, interestingly enough, auction clearance rates across Australia remained surprisingly strong, according to CoreLogic. Adelaide experienced the most significant increase from last year, followed by Melbourne. Sydney saw a marginal drop; and Brisbane is down 6%. The strong bidding and high clearance rates are a positive sign for the housing market and suggest that buyers remain confident in the long-term prospects of the property market.

It is important to review your home loan regularly to ensure it still meets your needs. Working with a mortgage broker or trusted finance professional can help make the process easier and help you find the products to best suit your needs.

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