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Interest rates have remained at historic lows of 2.50%, following the Reserve Bank of Australia’s March board meeting.
RBA Governor Glenn Stevens said: “In the Board’s judgement, monetary policy is appropriately configured to foster sustainable growth in demand and inflation outcomes consistent with the target. On present indications, the most prudent course is likely to be a period of stability in interest rates.”
Professionals CEO, Ted Piteo, said consumer confidence remained solid, and despite recent employment concerns in the industrial and manufacturing sectors, the outlook was positive.
“Buyer demand remains strong. Real Estate Institute of South Australia Auction clearance rates for the week ending March 2, showed 63 properties were auctioned in Adelaide with 23 being sold under the hammer and 20 before auction, resulting in an adjusted clearance rate of 70%, which is consistent with the national average.
“While mortgage rates remain stable we would expect housing market conditions to remain in positive, if steady, growth territory.”