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Interest Rates Remain at 2.75%

By Andrew Bell

The Surfers Paradise property market may become more active in the coming months, following news that the Reserve Bank of Australia (RBA) will be keeping interest rates low.

Yesterday (June 4), the RBA announced the key cash rate will stay at 2.75 per cent – a historic low – after slashing it by 0.25 percentage points in May.

Glenn Stevens, RBA governor, did not rule out the possibility of future cuts, but said the organisation's current stance on monetary policy is appropriate.

"At today's meeting, the board judged that the easier financial conditions now in place will contribute to a strengthening of growth over time, consistent with achieving the inflation target," he explained

Mr Stevens acknowledged that Australia's growth was below trend over the last year, with unemployment rising and the exchange rate depreciating.

However, he said there have been signs that demand for finance by households is on the rise, despite a relatively subdued pace of borrowing.

Peter Bushby, Real Estate Institute of Australia president, said his organisation is "not surprised" with the latest RBA announcement, given last month's decision.

"Recent interest rate cuts and improvements in affordability are being converted into more loan commitments and higher auction clearance rates," he added.

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