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RBA governor spruiks housing market

By David Bell

In what could be a sign of good times ahead for those who have bought real estate in Rockhampton, economic experts are predicting a rise in property investment.

Speaking before the House of Representatives Standing Committee on Economics, Reserve Bank of Australia governor Glenn Stevens has given a strong indication that interest rates will remain on hold for a few months.

Mr Stevens explained that the current state of the economy is positive and there is interest rate stimulus in the pipeline. He also cited an improving housing market as an example of a strengthening economy.

He said: "Housing investment should strengthen given that several factors are supportive – interest rates are low, housing prices are tending to rise, gross rental yields have increased, population growth remains strong and is even picking up a little.

"Admittedly, we are as yet very early in this phase."

Discussing average mortgage repayments, the governor explained they had considerably declined with housing affordability improving.

House prices have steadily increased since May last year, while interest rates have declined 175 basis points over a 16-month period.

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