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Has Christmas come early for mortgage holders and the real estate market?
Households are almost certain to be spared another rate rise when the Reserve Bank’s board convenes for its final meeting of 2023 next week after inflation eased in October. The latest consumer price index figures, released by the Australian Bureau of Statistics on Wednesday, showed annual inflation eased to 4.9 per cent in October, after prices grew by 5.6 per cent in September.
With the result undershooting economists’ expectations of a 5.2 per cent increase, the likelihood of a pre-Christmas rates pause is almost certain.
Taking out volatile items including petrol, fruit, vegetables and holiday travel, underlying inflation also fell sharply in October, down 5.1 per cent.
Underlying inflation was 5.5 per cent in September. Another rate hike in December would have severely weakened buyer sentiment and lessened the effects of the pre Christmas buyer serge that we see every year.
The team and I look forward to seeing you this weekend.
John Moran
Director
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