MoneyQuest’s November 2023 Cash Rate Update – Things are heating up!
The first Tuesday of November is upon us which means the Reserve Bank of Australia (RBA) Board has just met to decide the cash rate for this month.
Today’s monetary policy meeting was the second last for 2023, a year that has had its fair share of cash rate surprises.
Speaking of surprises, after keeping the cash rate on hold for the past four months, the RBA has opted to increase it today by 25 basis points, making it 4.35%. This is the fifth cash rate rise for the year, putting further pressure on variable rate mortgage holders.
However, it’s not just the cash rate that’s on the rise. Things are really starting to heat up in the world of property and finance too:
- There are plenty of auctions being held right around the country at the moment, with capital city auction numbers tracking marginally higher than this time last year.
- Home values continue to rise in most capital cities, noting that CoreLogic’s national Home Value Index has increased by 7.6% since January2.
- And with 11% of Australian bank branches closing their doors last financial year, signalling a shift away from in-person banking3, we are doubling down on our commitment to providing personalised, face-to-face customer service.
So, with the spring selling season in full swing and property prices (and variable interest rates) on the rise, now might be the prime time to chat to our experienced team about your finance goals. We are here to guide you every step of the way!
1https://www.corelogic.com.au/news-research/news/2023/the-combined-capitals-hosts-the-busiest-auction-week-in-over-18-months?utm_medium=email&utm_source=newsletter&utm_campaign=au-rea-property-pulse-2023-oct
2https://www.corelogic.com.au/__data/assets/pdf_file/0018/19161/CoreLogic-HVI-Nov2023-FINAL.pdf
3https://www.apra.gov.au/news-and-publications/apra-releases-latest-points-of-presence-statistics-for-authorised-deposit
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