Repo rate stays the same

Bradd Bendall, BetterBond’s national head of sales, commented, “While it is unfortunate that the Reserve Bank has decided to hold the repo rate steady, three previous cuts have had a noticeable impact on the property market.

Home buying activity strengthened over the first two months of the year, and home loan application volumes are almost on par with levels last seen at the end of 2020, before the pandemic.

Property remains an attractive financial investment for many, as house prices have increased at an average annual rate of 5.5% over the past years – higher than the current inflation rate. On that note, with inflation still closer to the lower end of the Reserve Bank’s target range, we hope that the next meeting of the Monetary Policy Committee in July will bring better news for homeowners and the economy in general.”