The Australian dollar recently hit a two-year high of just over 74 US cents at the start of the month and another interest rate cut would put downward pressure on the rising Australian dollar.
The Victorian Premier this week laid out plans for the Melbourne real estate sector to fully open with COVID safety measures from November 23.
Despite the current turbulent times the Reserve Bank has kept the official cash rate at 0.25 per cent for another month.
Melbourne’s house prices were the hardest hit of all capital cities in the country for the month of August, falling by 1.4 per cent.
Of all the property blows that have been landed since the onset of the COVID-19 pandemic, it’s houses in Melbourne’s high-end suburbs that have copped it the worst.
The RBA is worried that people and businesses are not willing to borrow despite record-low interest rates.
Melbourne is in the middle of a second strict COVID lockdown but it hasn’t stopped property developers finalising new deals to build thousands of homes.
It’s a tough time for everyone in the property market right now but a raft of government incentives are providing fertile ground for first homebuyers.
In amongst the turmoil of another round of COVID lockdown in Victoria, the RBA has kept the official cash rate steady at 0.25 per cent for another month.
Victoria’s strict new stage four restrictions could bring the state’s property sector to a standstill.
