It’s our first RBA update for 2016, and we hope you enjoyed your festive season and are looking forward to a happy and fruitful year ahead.
The Reserve Bank of Australia held their first meeting of the year today, and as expected they left official interest rates on hold. Economic experts are split when predicting if interest rates will move up or down or remain on hold this year, so we will wait and see what unfolds in the coming months.
Looking back at property prices over the last 12 months, growth was the strongest in Melbourne (11.0%), while the weakest performance was in Perth, where prices fell 4.1%. Interestingly house prices grew more compared to unit prices in most capital cities, which is likely a reflection of the oversupply of apartments and units in some cities.
It’s been a busy first few weeks for us, as many of our clients put their New Year’s resolutions into action, wanting us to review their financial situation. Others are also getting ready to purchase an investment property, or renovate their home, which are exciting steps in building wealth. Whatever your financial goals are for 2016, we have the tools and knowledge to help you make the right decisions, and can guide you along each step of the process.
If you haven’t reviewed your interest rate or home loan product in the last couple of years, it’s important to see what options are available to you. The savings that can be made are significant, and they could free up your funds to tackle one or two other projects you had been putting off.
If you have any questions, or would like to speak to us regarding a new or existing loan, please do not hesitate to contact us.
Until next time, enjoy the last month of summer!