Mortgage Choice Consumer Market Update – November 2013 with Jessica Darnbrough
Australians remain upbeat about the property market despite rising property prices. New research conducted by RP data shows 74% of Australians think now is a good time to buy. While 53% believe now is a good time to sell. Furthermore 57% of Australians expect dwelling prices to climb even higher, suggesting people are quite optimistic about the state of the property market. Since September 2012, property prices have risen on average 5.5% across all the capital cities. Considering the average median price of all dwellings in Australia is 0,000 – a 5.5% increase is equivalent to ,500.
In other news the reserve bank of Australia has erred on the side of caution in November, keeping the cash rate on hold at 2.5%. A better than expected inflation result ultimately encouraged the reserve bank to keep the official cash rate steady, with the consumer price index increasing by 1.2% over the quarter. The annual inflation rate now sits at 2.2% right in the middle of the RBA’s target band range. Similarly, data from the Australian Bureau of Statistics shows the unemployment rate also included a small improvement last month, with the number of employed people growing 0.1% over the month of September. The current unemployment rate now sits at just 5.6%, 0.1% lower than the previous month.
That’s what’s making news this month. If you’d like more information on the state of the Australian economy or are looking to buy, borrow or refinance, speak to your local Mortgage Choice broker today.
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