The Reserve Bank of Australia has left official interest rates unchanged at a 49 year low of 3 per cent for the third month in a row. The Reserve Bank governor stated they were taking a bit of a wait and see approach with signs the global economy is showing some early signs of stabilizing.

With people moving back into housing for investment and the owner occupied market still strong, we have seen continuing moderate growth in housing prices. This seems to be continuing and gathering a little momentum at the moment.

The Reserve Bank governor also stated a reason for keeping rates on hold was that it left room for further stimulus if needed in the future. This means they have not yet ruled out further cuts in rates.

Figures from the Australian Bureau of Statistics show that low interest rates, healthy population growth, improved housing affordability and relatively steady housing prices have combined to create a resilient housing market.

All in all fairly good news with variable mortgage rates at record lows.