MoneyQuest’s October 2023 Cash Rate Update – Trick or treat?
October is here which means the spooky holiday of Halloween isn’t too far away. But the real question is, does the Reserve Bank of Australia (RBA) Board have a scary cash rate surprise in store?
Thankfully, we’re not in for a hike fright this month. The RBA Board has decided to keep the cash rate on hold for the 4th month in a row, making the October 2023 cash rate 4.1%.
This period of cash rate stability has been warmly welcomed by many, as homeowners continue to bear the brunt of cash rate rises gone by.
While the cash rate storm appears to be easing (for now at least), the property market is heating up, with recent reports revealing that:
- capital city auction clearance rates are higher than this time last year
- investor lending is on the rise and well above pre-pandemic levels
- housing sales activity is increasing in most parts of Australia, and
- housing values continue to recover nationally
So, if you’re looking to purchase property, whether you’re a first home buyer or a seasoned investor, our team can assess your specific situation, compare a wide range of loan options, and help you to choose the right one for your needs. Don’t fall for any tricks this Halloween, and instead treat yourself to a meeting with one of our trusted finance specialists.
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