RBA UPDATE | Effective August 7, 2024

The result of today’s cash rate decision remains unchanged at 4.35% after the Reserve Bank of Australia’s (RBA) board meeting.

Tanya Sale, CEO of mortgage aggregator group ‘outsource Financial’ said the RBA had made a good decision and seems to be conscious of “not putting any further pressure on households,” Ms Sale said.

“Under [governor] Michele Bullock you can see the RBA is trying very hard to create some sort of stability in the financial markets and the overall economy,” Ms Sale said. “You could hear a sigh of relief after the announcement to hold…”

According to new analysis from Ray White, the number of Australian suburbs with an average house price of $1 million or more is expected to increase significantly in the coming year. Currently, with 857 million-dollar suburbs in Australia, Ray White predicts that approximately 99 new suburbs will join the list.

Suburbs expected to break the $1 million mark in the coming year include Narara, Erskine Park, and Springwood in NSW; Albion, Broadmeadows, and Brooklyn in VIC; Keperra, Chermside West, and Salisbury in QLD; Kingsley, Mullaloo, and Greenwood in WA; Panorama, Hallett Cove, and Woodcroft in SA; Dunlop, Ngunnawal, and Macgregor in ACT; and Kingston, Claremont, and Geilston Bay in TAS.

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