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February Rate Change Unlikely, Says HIA

By Brett Pilgrim

The latest inflation figures indicate there is unlikely to be any change to the official cash rate when the Reserve Bank of Australia (RBA) meets next month.

This is according to the Housing Industry Association (HIA), which pointed out underlying inflation during the December quarter 2013 stood at 0.9 per cent – almost in the middle of the target range.

As a result, the central bank is unlikely to see any need to change policy settings, which may come as good news to those with property in Adelaide.

HIA senior economist Shane Garrett said: “Today’s figures add further fuel to the notion that interest rates will remain at all-time lows for a considerable amount of time to come.”

He acknowledged that the rate of housing cost is a little below its medium-term trend at the moment, although day-to-day expenses are growing faster than the general price level.

As a result, the HIA is calling on policymakers throughout the country to make housing more affordable, which could encourage greater uptake of real estate in Adelaide.

The official cash rate is currently at an all-time low of 2.5 per cent and the RBA is next due to meet on February 4.

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