Australia’s Interest Rates Kept On Hold

Today, the RBA has passed down its decision to keep Australia’s interest rates on hold at the historic low of 0.1 per cent.

The decision comes despite growth in the Australian property market and the global economic outlook appearing more favourable.

The statement highlighted the importance of low rates to support the rebuilding of the economy and support the supply of credit to both households and business balance sheets.

“Lending rates for most borrowers are at record lows and housing prices across Australia have increased recently,” said Governor of Monetary Policy Decision Philip Lowe.

“Housing credit growth to owner-occupiers has picked up, but investor and business credit growth remain weak. Lending standards remain sound and it is important that they remain so in an environment of rising housing prices and low-interest rates.”‘

The decision has also taken into account the global economic outlook in the wake of COVID-19 and the successful rollout of vaccines.

“The outlook for the global economy has improved over recent months due to the ongoing rollout of vaccines. While the path ahead is likely to remain bumpy and uneven, there are better prospects for a sustained recovery than there were a few months ago,” added Dr Lowe.

Closer to home, economic recovery is well underway with unemployment declining to 6.4 per cent alongside strong retail spending and most households and businesses that had deferred loan repayments having now recommenced payments.

The recovery is expected to continue with the GDP expected to return to its end-2019 level by the middle of this year

The Reserve Bank remains committed to the 3-year yield target and has doubled the bond-buying program last month by extending it for a further 20 weeks.

A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.

Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.

The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.

Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.

The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.

Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.

In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.

As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.

Australia’s Interest Rates Kept On Hold

Rates stay at historic low 0.1 per cent.

Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market