Cash Rate Increase Affects South West Homebuyers

As regional WA home prices rise sharply, a recent PropTrack report indicates a 0.2% increase in January, with yearly growth at 13.6%, bringing the median home value to $611,000. The Reserve Bank of Australia raised the cash rate to 3.85%, which could reduce borrowing capacity and potentially stabilize or lower housing prices. Economists anticipate further rate hikes this year, amid low unemployment and limited housing supply, influencing demand and price trends. The RBA will reassess the cash rate on March 17.

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