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Cash rate holds for a full year

If you were to use one word to describe the Reserve Bank of Australia (RBA) over the past year, “unpredictable” would likely be missing from your list of top contenders. Other words that might not make the cut include “unstable”, “fickle” or “capricious”.

That’s because the RBA board announced on August 5 that it was holding the official cash rate at 2.5 per cent for yet another month, making it a full year now that the cash rate has been kept steady.

Of course, the RBA is not your significant other – you don’t need them to be spontaneous and surprise you.

Rather, the year of stability (not to mention the record low rate) has been good for home buyers looking to purchase houses for sale in Bulimba, Hawthorne and other Brisbane suburbs, as they’ve had to contend with lower interest rates on their home loans.

“In the context of the poor consumer reaction to May’s federal Budget and several tensions in the international economic sphere, the policy of stable and very low interest rates is the correct one,” said HIA Senior Economist Shane Garrett in a 5 August statement.

With interest rates predicted to hold for the remainder of the year, it may be a good time to look at purchasing real estate.

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