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Out and about in Wagga Wagga


Interest rates on hold

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The Reserve Bank of Australia has opted to keep interest rates on hold this month at 4.25%

Affordability will continue to improve throughout 2012, with many economists predicting more interest rate cuts throughout the year, making this as good a time as any to buy Wagga real estate.

Adam Drummond, Director of Fitzpatricks Real Estate believes “Interest rates are still considered to be below long term historical levels and believes the decision to hold rates is an indication by the Reserve Bank that they have decided to be proactive rather reactive to global and national financial pressures. This is good news for real estate and business owners with current loans and for those people wanting to enter the real estate market. “

Mr Drummond said the news that the Reserve Bank kept interest rates on hold in February was a slight surprise considering 80% of the financial economists had predicted a reduction, but said the local real estate market had already picked up some confidence since the last rate cut in December.  “We have already seen an increase in investor enquiry since January 1st and now we are seeing activity in the mid to high end level of the local residential market, so it signals increasing confidence in the Wagga Wagga real estate scene.”