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Rates hold keeps market afloat

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Australian homeowners can breathe a sigh of relief. The Reserve Bank of Australia has elected to not make any changes to their interest rates, which will help the housing market, reports the Herald Sun.

The announcement marks the sixth consecutive meeting where interest rates remained at 2.5 per cent. Real estate brokerages across the country forecast that is rates continue to remain unchanged, the market will remain busy.

Janusz L. Hooker, deputy chairman of L.J. Hooker believes that the rates freeze would further buoy the market, going forward. This is despite the fact that unemployment and inflation are on the rise.

“February has just delivered one of the best starts to the real estate year ever recorded, and we have not seen any signs of it slowing down despite some murmurs about a property bubble,” Hooker said in an interview.

“It’s important to remember that while Sydney and Melbourne prices continue to push upwards,” Hooker added. “It is not the same story across the country with markets such as Adelaide and Hobart struggling.”

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