The Reserve Bank of Australia - RBA raised interest rates on 07 Nov 2023. RBA made a significant move by raising the cash rate target by 25 basis points to 4.35 percent. Additionally, the interest rate paid on Exchange Settlement balances also saw an increase of 25 basis points to 4.25 percent. This decision has raised eyebrows and generated discussions regarding the reasons behind this rate hike and its potential impact on Australia's financial landscape.
Westpac reported a substantial 26% increase in annual profits for FY23. The financial giant's net profit attributable for the year ended September 30 reached a notable A$7.20 billion, a significant leap from the A$5.69 billion in the previous year. This achievement is a testament to the bank's operational improvements and successful growth in various key markets.
Saturday 04th Nov 2023 was another spectacular show of auctions all over Australia, with Adelaide leading the show. RBA will be sitting on 07th Nov 2023 to discuss the cash rate rise; which is inevitable. Buyers with approvals and access to funds were trying their best to secure the properties. The maximum number of properties on sales were in New South Wales where 1544 privates sales and 1108 properties were up for auction. Overall, South Australia produced the best results in Auction Clearance This Week 05 NOV 2023.
This week's property sales results across Australia were not as expected. With over 1700 properties up for sales in Victoria and 1358 of these were only in Melbourne. Once again Melbourne lead the auction clearance this week 29 Oct 2023 in total auctions across all capital cities.
The Australian real estate market continues to buzz with activity, with most of the auctions held in Melbourne. Melbourne lead the auction clearance this week 22 Oct 2023 in total auctions across all capital cities. The buyers were out in October before the Melbourne racing cup and Christmas holidays. Buyers are enjoying the warm weather and fully utilizing their last chance to snap a property before RBA raises interest rates in Nov 2023
Sara Lee Holdings, a renowned manufacturer of frozen desserts, has plunged into voluntary administration, marking the culmination of a fifty-year journey that began in Australia in 1971. The Demise of Sara Lee Holdings and the dramatic turn of events leaves us with valuable lessons for both investors and consumers.
Australia is grappling with a surge in inflation, sparking concerns among policymakers at the Reserve Bank of Australia (RBA). The central bank has indicated that its willingness to raise interest rates hinges on upcoming labor market and inflation data. The RBA has expressed a low tolerance for prolonged inflationary pressures, signifying a potential rate hike in the near future. Australians to expect another rate rise in Nov 2023.
In the week's auction market, various Australian cities continued to display solid performance in terms of auction clearance rates. Auction Clearance This Week 15 OCT 2023, again showed promising outcome for the sellers and real estate agents with buyers fighting for the handful few properties available in the market.
The Reserve Bank of Australia - RBA kept target cash rate unchanged at 4.10 %, October 2023, along with the interest rate paid on Exchange Settlement balances at 4.00 per cent. This decision comes in the wake of a series of interest rate increases over the past year.
