RBA Leaves Rates On Hold

The Reserve Bank of Australia has unsurprisingly left interest rates on hold, despite the Australian property market’s record start to 2021.

The measures are in place to support the economy needs as it transitions from the recovery phase of the COVID pandemic, to the expansion phase – despite the current lockdown measures in place in various parts of the country.

In his monthly statement, the RBA governor, Dr Philip Lowe, indicated the economic recovery in Australia is stronger than expected and is now forecast to continue on this trajectory.

“The outlook for investment has improved and household and business balance sheets are generally in good shape,” said Dr Lowe.

On housing markets, the statement commented on the prices rising in all major markets reiterating past statement sentiments.

“Given the environment of rising housing prices and low-interest rates, the Bank will be monitoring trends in housing borrowing carefully and it is important that lending standards are maintained.”

“The Board remains committed to maintaining highly supportive monetary conditions to support a return to full employment in Australia and inflation consistent with the target. It will not increase the cash rate until actual inflation is sustainably within the 2 to 3 per cent target range.”

Elsewhere, the labour market has strengthened – unemployment now down to 5.1% in May alongside a decline in underemployment and labour force participation at around record highs.

However, the RBA is still cautious, Dr Lowe stating: Despite the strong recovery in jobs and reports of labour shortages, inflation and wage outcomes remain subdued. While a pick-up in inflation and wages growth is expected, it is likely to be only gradual and modest

When people talk about making a seachange, chances are this is the kind of property on the NSW South Coast that they have in mind.

Open for inspection for the first time this Saturday, 24 Point Street Bulli offers rare absolute beachfront, with never-to-be-built-out north facing views of the ocean. Located on the tip of Sandon Point, this two-storey property is a surfer’s dream with one of Australia’s most iconic surf breaks just beyond the back wall.

On the lower floor at street level, there are three bedrooms and two bathrooms, including a family bathroom and an ensuite in the master suite. A fourth bedroom is on the upper floor, along with the main living area, and is serviced by its own bathroom.

While this would make a spectacular holiday home, it is well equipped for day-to-day living, with a spacious gourmet kitchen and butler’s pantry set into the articulated open plan living area on the first floor. A separate media room to the street side of the property on this level provides additional living space.

Every aspect of this property has been considered to take in the light and views, with high ceilings internally and spacious, north facing decks on both levels to take in views of rolling waves. If the pull of the ocean is irresistible, it’s just a 100m walk to feel the sand between your toes.

The house is complemented by a Mediterranean, coastal-style garden, while the garage has room for a workshop and two car spaces.

An easy walk to Bulli village, the property is a 20 minute drive from the major hub of Wollongong and just over an hour to Sydney.

Open: Saturday August 6 2pm-3pm Auction: Saturday September 3 Price guide: N/A but expected to exceed $5.3m paid in March for 1 Alroy Street

Contact: McGrath Thirroul – Vanessa Denison-Pender, 0488 443 174

RBA Leaves Rates On Hold

The central bank remains focused on inflation.