August 2023 Newsletter
Welcome to our August 2023 newsletter. This month we cover off interest rates, the property market and some exciting team news.
Interest Rate Update
The RBA provided some respite in its August meeting, by holding interest rates steady for the second straight month. Experts are forecasting that we may have reached the peak of the cash rate cycle and are predicting the pause in rate movements to extend into 2024.
The inflation rate continues to fall, only rising 0.8% in the June 2023 quarter easing from 1.4% in the previous three months. The quarterly increase was the lowest since the September quarter of 2021. Over the 12 months to June 2023, inflation rose 6%, down from 7% for the same period last year. This repeated drop in inflation shows that the previous interest rate increases are having the desired impact.
Property Prices
CoreLogic provided their property market update showing the Melbourne’s property prices are up 1.8% in the last three months and down 5.7% from this time last year. Low levels of housing supply still helping in the bounce back in the market with advertised listings down 7.3% compared to the previous 5-year average.
Source: CoreLogic
Team Update
Congratulations to Jackson who has completed his studies and is now a certified mortgage broker! He can now provide credit advice to our clients, and we are looking forward to seeing his business grow and prosper within the Pearse Financial group.
Any advice contained in this article is of a general nature only and does not take into account the objectives, financial situation or needs of any particular person. Therefore, before making any decision, you should consider the appropriateness of the advice with regard to those matters. Information in this article is correct as of the date of publication and is subject to change.