RBA leaves the cash rate unchanged
At its meeting today, the Board decided to leave the cash rate unchanged at 4.25 per cent. Information becoming available since the December meeting confirms that economic conditions in Europe were weakening late last year, with risks still skewed to the downside. Reflecting this, most forecasters have lowered their forecasts for world GDP growth this year to a below trend pace. That said, recent data from the United States suggest a continuing moderate expansion after a soft patch in mid 2011. Growth in China has moderated as was intended, but on most indicators remained quite robust through...
read moreApartment developers get single-minded
THE CANBERRA TIMES 17 Jan, 2012 BY JOHN THISTLETON Whether we are a lonesome city or a leader in housing trends is unclear, but Canberra is offering more single bedroom apartments these days. They dominate three major inner-south projects awaiting planning approval. In a $33.8 million, six-storey development on Eastlake Parade, Kingston, 94 of the 146 proposed units are for single-bedroom dwellings. In a $69 million project in Irving Street, Phillip, 171 of the 278 units will be single-bedroom accommodation. In Griffith a redevelopment for 76 residential apartments will comprise 57...
read moreACT ‘cheap place to live’
The Canberra Times BY BIANCA HALL 04 Jan, 2012 The ACT Liberals have dismissed as ”dangerous” Treasury modelling that shows the cost of living in Canberra is among the cheapest in the country. The Canberra branch has been campaigning on living costs for months, claiming Labor has forced living costs up, overseen an unprecedented tax grab, neglected basic municipal services and made public transport unaffordable. But the party has now been given clear advice by Treasury that contradicts its message of gloom and doom. According to Treasury, in terms of rent, public transport and...
read moreRich suburbs get rate cut
Rich suburbs get rate cut FRANCES STEWART 01 Jan, 2012 04:00 AM THE ACT’s richest suburbs will enjoy residential rate cuts this financial year, while less affluent areas in the ACT face significant rate hikes in tough economic times. The ACT Government’s summary of single standard residential property rates reveals blue-ribbon inner south suburbs – including Griffith, Forrest, Deakin, Barton, Red Hill and Yarralumla – will have residential rates cut over the financial year. Barton residents will enjoy the biggest rate reduction in both dollar and percentage terms, with...
read moreACT Market Update – 4th Quarter 2011
Every quarter for the past 3 years I have been creating market updates to keep my clients informed of market trends and stats in Canberra. I usually email and post the update, now this is the first update I can upload to my now established website. I hope you enjoy the read. CLICK HERE for the PDF of my Market Update – 4th Quarter 2011
read moreFirst RBA rate cut in 31 months!
The Reserve Bank Board has cut the cash rate for the first time in 31 months. The cash rate was trimmed by 25 basis points (0.25 per cent) to an 18-month low of 4.50 per cent. For the average borrower this will be reflected in a reduction in the average variable rate from approximately 6.9% down to 6.65%. Assuming that most/all lenders will pass this rate cut on (a few have already reacted – eg Westpac and passed on the full 25 point reduction) the average home loan of $300,000 will have repayments reduced by $49/month. A secondary benefit is that borrowing capacity increases. For...
read more
