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What happened to the Markets in July?

By Jessica Ridder

Market Review  –  

Homeowners rejoice as RBA leaves cash rate alone.

Homeowners have again dodged an interest rate hike, with the Reserve Bank of Australia (RBA) leaving the cash rate unchanged at its board meeting today.  In what was a predicted move, financial markets saw just a little over a 10 per cent chance of a rise, up from 4.75%, where it has stood since November 2010.  The central bank has previously warned that the cash rate will have to rise “at some point” because of potential inflation pressures, coming in the form of record terms of trade and a massive business investment pipeline as a result of the mining boom. While today provided some more breathing room for homeowners, economists have varying opinions as to when the next rise will occur.

In regards to the local real estate market the recent storm damage, power outages and road closures have put a dampener on things with buyers staying away from the mountains. However buyer enquiry was strong prior to the storms and buyers have already begun returning to the mountains, all of our agents are fully booked with appointments this weekend.

If you would like a ‘Free Market Report’ for Blackheath detailing market trends or a free market appraisal of your property please call Alan Gregory on 0418 654 779.

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