RBA keeps rates at 3.0 per cent

The Reserve Bank has left the official cash interest rate unchanged at 3 per cent for February.

A poll of 28 economists carried out by Bloomberg last week found that 24 expected the RBA to leave the cash rate unchanged.

The ABS revealed that capital city house prices increased by 1.6% over the December quarter, indicating that previous rate cuts may be impacting on the housing market.

RP Data national research director Tim Lawless said: “Dwelling values across the combined capital cities of Australia have increased by 0.8%, and values are up 3.1% since bottoming out at the end of May last year.”

Source: Property Observer