An interest rate pause as RBA adopts ‘wait and see’ strategy
Economic conditions remain tight as the board refuses to rule out further increases before the year ends
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Interest rates have been left on hold following the meeting of the RBA Board today.
The cash rate will remain at 4.1 percent as the board acknowledged the need to balance drawing down inflation against the possibility of a looming recession.
Governor Philip Lowe said in a statement that returning inflation to a more manageable level within ‘a more reasonable time frame’ is still the board’s objective but that recent data points to a 2 to 3 percent target ‘over the forecast horizon’.
The Australian Bureau of Statistics last week released data that inflation had fallen for the second consecutive month to 6 percent, down from a high of 7.8 percent in December 2022.
Dr Lowe said it would most likely take a year or more to return inflation to the target range but that the board was determined to do so.
“Inflation in Australia is declining but is still too high at 6 percent,” he said. “Goods price inflation has eased, but the prices of many services are rising briskly. Rent inflation is also elevated.
“The central forecast is for CPI inflation to continue to decline, to be around 3¼ per cent by the end of 2024 and to be back within the 2–3 percent target range in late 2025.”
Dr Lowe also forewarned that further interest rates could not be ruled out.
CoreLogic research director Tim Lawless said while the news would be welcomed by mortgage holders, the economic pressures that could trigger further rises remain.
“Highlighting the uncertainty ahead, some economists have already called a peak in the rate hiking cycle, others believe there will be one more hike in the coming months, while others are pricing in two more rate hikes on the basis of tight labour market conditions potentially feeding wages growth and keeping inflation higher for longer,” he said. “The range of cash rate forecasts reflects the sheer uncertainty in the economy.”
PropTrack senior economist Eleanor Creagh, said the decision allowed the RBA Board to take a ‘wait and see’ approach.
“This (decision) gives the RBA more time to assess the impact of rate rises already delivered on households, businesses, and economic conditions.”
The RBA Board will meet again in September, which will be Dr Lowe’s last meeting as governor. Michele Bullock will step into the role when Dr Lowe vacates the position on September 17.
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Continue reading “Victoria’s New Auction Rules Will Force Reserve Prices Into the Open”
More than 10,000 homes, an expansive central park and a mix of hospitality, retail and wellness facilities will form Azizi Developments’ first master-planned community in the emirate.
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Sharjah is set to receive one of its largest new residential communities, with Azizi Developments unveiling plans for a US$8.1 billion master-planned precinct containing more than 10,000 homes.
Named Azizi Florence, the freehold development will comprise 1,130 villas, more than 6,000 townhouses and 3,500 apartments. Three-bedroom townhouses will start from US$515,000, with an indicative rate of US$231 per square foot of saleable space.
The project marks the Dubai-based developer’s first move into Sharjah, expanding a portfolio that includes the planned Burj Azizi skyscraper and the Azizi Venice community in Dubai.
A park at the heart of the community
Rather than treating landscaping as an afterthought, Azizi Florence will be organised around a 1.7 million sq ft central park.
The wider precinct is planned as a self-contained neighbourhood combining homes with retail, hospitality, education, leisure and wellness facilities.
Six residential clusters will sit within the development, each with its own park, clubhouse, community centre and landscaped gardens. The approach reflects a broader shift across large Middle Eastern developments, where greenery, recreation and everyday convenience are increasingly central to the residential proposition.
The scale of Azizi Florence suggests it is intended to function as a neighbourhood rather than a collection of housing estates. Its mix of housing types should also give the project broader appeal, accommodating apartment buyers alongside families seeking townhouses or standalone villas.
Azizi expands beyond Dubai
Azizi Developments has delivered more than 45,000 homes to buyers from over 100 countries and says it has approximately 150,000 units under construction.
Much of its growth has been concentrated in Dubai, where its portfolio extends across Palm Jumeirah, Mohammed Bin Rashid City, Dubai South, Sheikh Zayed Road and Downtown Jebel Ali.
Its most prominent current project is Burj Azizi, which is intended to become the world’s second-tallest building. Azizi Florence represents a different type of undertaking: a low-rise, family-oriented community built around public space and daily amenity.
For company founder and chairman Mirwais Azizi, the Sharjah project also carries a personal connection. The emirate was his first home in the UAE more than three decades ago, adding a symbolic dimension to the developer’s expansion.
Sharjah’s residential ambitions grow
Although Dubai and Abu Dhabi have traditionally captured much of the international attention directed at the UAE property market, Sharjah has been steadily broadening its residential offering.
Large freehold communities such as Azizi Florence have the potential to attract both local families and international purchasers looking for comparatively accessible entry points into the Emirates’ property market.
At a starting price of US$515,000, the project’s three-bedroom townhouses will sit well below the cost of equivalent family homes in many of Dubai’s more established luxury communities.
The ultimate appeal, however, will depend on execution. At this scale, the quality of the public realm, connections between residential clusters and delivery of the promised supporting infrastructure will be as important as the homes themselves.
If those elements come together, Azizi Florence could help establish a new benchmark for large-scale residential development in Sharjah—and give buyers another option beyond the UAE’s better-known property markets.
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