On July 1st, the Reserve Bank of Australia met for its first meeting of the new financial year. During the meeting, the RBA elected to keep the official cash rate on hold at 2.5 per cent, maintaining its period of stability on interest rates for the tenth meeting in a row. Analysts are predicting that the RBA will continue to keep the cash rate on hold for some time, probably well into 2015. This is great news for Australia's property markets, which have been responding to the low interest rate environment and recording some very healthy activity over the past 12 months. In the last financial year, median house prices have risen by just over 10 per cent nationally – which is a great result indicating solid capital growth for homeowners and investors. Sydney's median house price rise was by far the most impressive, up by 15.4 per cent over the year to $690,000. Melbourne's median house price rise was also notable, up by 9.4 per cent to $535,000 this financial year. Outside of the two largest cities in the country, capital growth was more conservative. Brisbane's median house price rose by 7 per cent, Darwin was up by 5.7 per cent and Perth rose by 5.3 per cent. Canberra, Adelaide and Hobart all recorded increases of slightly less than 3 per cent. These figures would suggest that there is still room for further capital growth in most markets, with bargains to be found by those looking to purchase a home or investment property in the 2014/2015 financial year. The number of properties on the market usually declines remarkably as we head into the winter months. However, this year both Sydney and Melbourne showed record numbers of properties up for auction in June, with most other cities also showing a very strong market. Over the month of June, auction clearance rates strengthened and are around 60 per cent on average across all capital cities. So if you're in the market to make a purchase, get out there and keep looking for your perfect property! With the cash rate on hold for the foreseeable future, there are some great deals on offer for both fixed and variable rate mortgages. Home buyers, property investors and those looking to refinance are in a great position to take advantage of a very competitive loan market. We're keen to help you get ahead while interest rates are low and the property market is in a growth phase, so please get in touch to discuss your plans with us today!
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