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Interest Rates On Hold

The Reserve Bank is expected to leave the official cash rate steady at 4.5 per cent when it meets today / File

• RBA tipped to leave rates at 4.5pc
• Slowing trend in the economy
• "Consumers and businesses are confused"

INTEREST rates may be on hold for the next month or so but most economists still expect the official rate to hit 5 per cent by the end of the year.

The Reserve Bank board is widely tipped to leave the official rate at 4.5 per cent when it meets today - after six consecutive increases since last October.

Figures released yesterday reinforced a recent slowing trend in the economy, with April recording the softest growth in private sector credit in five months, weaker business credit, and unofficial data showing a marked slowdown in home prices.

The slowdown comes against a backdrop of uncertainty stemming particularly from European debt problems which have led to share market weakness and driven the Aussie dollar lower.

"There is a strong case for the Reserve Bank to move to the interest rate sidelines," CommSec chief economist Craig James said yesterday.

"Effectively consumers and businesses are confused. After surviving the global financial crisis, borrowers have had to contend with a sharp lift in interest rates. Australians need time to adjust to new realities."

However, also out yesterday was the TD Securities-Melbourne Institute monthly inflation gauge, which shows inflation surging 3.7 per cent in the year to May, well above the RBA's 2-3 per cent target range.

Excluding the impact of the higher tobacco tax, inflation rose 3.3 per cent.

JP Morgan economist Helen Kevans said the RBA might be uncomfortable about raising rates in this environment, even with the"pretty awful" outlook for inflation.

Some pundits yesterday downgraded their forecasts for tomorrow's GDP figures after official March quarter balance of payments data from the Australian Bureau of Statistics.

TD Securities strategist Roland Randall said net exports, which fell 0.5 per cent in volume, would be a bigger drag on growth than he expected, and reduced his growth forecast for the quarter to 0.8 per cent.

The next test for the economy comes today with the release of official retail trade numbers for April.

Numbers for March disappointed the market, showing sales inched up only 0.3 per cent.

Westpac chief economist Bill Evans was "fairly guarded" about the pace of future consumer spending growth.

But he still expected interest rates to reach 5 per cent by year's end.

TD Securities' Mr Randall was more bullish, predicting the RBA would raise rates to 5.25 per cent by the end of the year.

The Australian share market's ASX 200 index lost 0.62 per cent yesterday on low volumes. Both Wall Street and the London stock exchanges were closed last night for public holidays. The dollar was holding its ground, just under US85.

From The Daily Telegraph
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THE Sydney housing market has shown the first signs of slowing as climbing interest rates and sky-rocketing prices scare off potential buyers.

Residex figures show auction clearance rates dropped by more than 10 per cent last Saturday to 62.5 per cent, down from 73.5 per cent the weekend before.

The slowdown follows a buoyant start to the real-estate year with clearance rates averaging about 80 per cent in the first three months.

Residex managing director John Edwards said interest rates and nervousness about high local prices and the economic crisis in Europe had caused the sharp drop.

"It's normal for clearance rates to slow at this time of year, but we've suddenly had a 10 per cent fall since the last interest rise," he said.

Adding to buyer woes, Sydney property prices have risen by 17 per cent in the 12 months to April this year, an "astonishing" figure according to Mr Edwards. The average annual growth rate for Sydney is 6.7 per cent.

Independent auction house Cooley Auctions saw clearance rates plunge from 80 per cent to 50 per cent in the first week of May alone.

"There are early signs that the heat's coming out of the market," auctioneer Damien Cooley said. "In the last week, the bidding activity hasn't been as spirited as we saw in February, March and the beginning of April."

Manly mother Yoness Blackmore felt the market slowdown first-hand after her property passed at auction for $1.125 million last Saturday.

The Manly home she shares with her husband, Chris, and their children, Alex, six, and Zoe, four, is the type agents dream of: a home in a popular suburb, within walking distance of shops, beaches and transport connections and with three large bedrooms and a backyard.

"It was disappointing because you psyche yourself before an auction," Mrs Blackmore said.

"We just timed it badly - We just didn't count on the effect of school holidays and Anzac Day.

"Whether you're buying or selling, there's nothing good about it."

The couple's house, still on the market, attracted two potential buyers who had in turn experienced problems selling their own properties.

But a home in neighbouring Fairlight last week sold for $1.44 million - $240,000 more than the vendors paid just 11 months ago - a typical example of Sydney's sharp price growth.

Property news, gossip, sales results: Page 111s seen in some parts of the city.

The two storey weatherboard house at 24 Arthur St was bought for $1.2 million in June last year and sold for $1.44 million on Tuesday, representing a rise in value of 20 per cent, more than three times the Sydney average.

Selling agent for both homes Georgi Coward of Cunningham Property said she was amazed the Blackmore's Darley St home had passed in as it ticked so many boxes.

But the signs of a changing market were everywhere.

Ms Coward said: "People aren't jumping onto properties as much."

"I expected people to start sitting on the fence and being more cautious when interest rate levels got to seven per cent but they're now starting to do that sooner. We can see it. Over the last couple of weeks numbers have gone down."

In Sydney's south, a small two bedroom brick home with no view in Kyle Bay sold last week for $1.13 million, almost three times the $418,000 paid for the property in 1997.

"Is that crazy or what?" said selling agent Sasha Tavic from McGrath St George.

"I think a lot of people are finding it hard to keep up - it really is a massive growth spurt and we don't know where it's going to go."

He said growth like that was one of the factors starting to scare potential buyers out of the market.

Mr Edwards said the drop in values in the lower end of the market recorded in the first half of the year meant the "poor were being stressed significantly" while the medium to upper areas would continue to do well.

Article from The Sunday Daily Telegraph

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HOME OF THE WEEK


Brand new family home situated in a quiet but sought after cul-de-sac. Facing North and enjoying large open spaces this light and bright home offers 4 bedrooms, 2 bathrooms and fantastic flooring throughout. Inspect today!!
For more information please click the link, it will take you to our website: Professionals Bathurst

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THE PRODUCES MUSICAL

THE PRODUCERS - BIGGEST HIT IN BROADWAY HISTORY!!

The cast of The Producers are busily rehearsing one of biggest hits in Broadway history and winners of 12 Tony Awards.

This is a story of 2 rogue producers who try to produce the biggest flop on Broadway In order to cheat the backers out of their money by over subscribing the budget of the show. When complications start to arise the show unexpectedly turns out to be a huge success.



The cast includes:

MAX BIALYSTOCK -Benny Hope
LEO BLOOM - Conagh McMahon Hogan
FRITZ LEBERMAN - Trevor Press
ROGER ELIZABETH DEBRIS - Damien Ross
CARMEN GHIA - Thomas Druitt
ULLA-INGA-HANSEN-BENSEN-YONSEN-TALLEN-HALLEN-SVADEN-SVANSON - Jacinta Graham

BRYAN - Ryan Fitch
KEVIN/Lead Tenor KURT - Josh Meyers
SCOTT - Rohan Smyth

SHIRLY MARKOWITZ - Lisa Wood (Understudy: Kiesha Hope)
HOLD ME TOUCH ME - Carole Eastment
LICK ME BITE ME - Cynthia McNeil
KISS ME FEEL ME - Janet Smith

***************************************
2 USHERETTES’S - Hollie Campbel, Cheryl McKeller (Understudy: Niemah Hope)
Mr. MARKS - Greg Jones
JUDGE - Alex Leis
SGT.O’HOULIGAN - Steven Browning
OFFICER O’TOOLE - Patrick Atrolovich
OFFICER O’REILLY - Shane Addison
OFFICER O’ROUKE - Reuben Everitt

COMPANY
Alex Leis, Keisha Hope, Neimah Hope, Madeleine Jenner, Amanda Jones, Kate Sempell, Rachel McMahon

DANCERS
Andrea Wills, Emma Barnes, Natalie Howarth, Abby Ballinger, Emily Rogers, Meg McKenna, Dominica Condon, Toni Thompson, Janelle Kemp, Jessika Ray, Lyn Howard, Vicki Daley.

The musical opens on the 1st July 2010 and will run through to the 11th July at the Bathurst Memorial Entertainment Centre.


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GOLD FROM AN ATM MACHINE!

This is the worlds first ATM machine that produces gold coins and gold bars. Imagine having one of these in our shopping center's. To read more about the article click the link below to take you to the Daily Telegraph.

Vending Machine - Link to Daily Telegraph



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3D SPORTS - ADDS A NEW DIMENSION

With the new technology making its long-awaited debut on Australian screens last night - during Fox Sports' telecast of the Socceroos match - even the producers were learning new tricks of the trade.

Limited to viewers with 3D-ready screens, the stereosonic showcase was largely a test for the industry, which will add another dimension to regular programming in the future.

But those early adopters of the technology were treated to a mind-blowing show that took the players from flat figures on screen to in-your-face, from all angles.

Have you watched 3D TV?

Fox Sports director Soames Treffry said the technological race was not just about boys and their toys, but increasing audience options.

"We wanted to have a crack at being first and football is the best sport for it. It's wildly different from the way we watch sport now and really is the way of the future," Mr Treffry said.

Bringing the pictures to life involved a small army of technicians, with 150 staff manning Fox Sports' coverage from the MCG.

Each 3D image required two cameras per rig - one shooting for the left eye, the other the right.

The footage was fed back to a central broadcast point (OB van), where it was "converged" to create a multi-dimensional shot.

The vision - which rushes images at the eye at about 100 times per second - is decoded by special battery-powered "shutter" glasses.

But the experience can create motion sickness in some viewers.

Sports lovers who don't mind a beer during big games, be warned: Samsung, the first to release 3D televisions in Australia, has issued a disclaimer recommending viewers not consume alcohol while watching 3D content because of the dizzying effect it can have on some.

From the kick-off last night the telecast set the new 3D standard, with the on-field combatants coming to life like never before.

Each player seemed to leap from the screen, with relevant statistics and impressive graphics zooming past the eye of the viewer.

Almost 95 per cent of the coverage utilised the 3D advantage, only pausing to return to standard 2D high-definition vision when officials and commentators checked offside plays.

The 3D revolution began in the UK this year, when 3000 punters piled into nine pubs for a screening of a Premier League match between Manchester United and Arsenal.

Channel 9 has promised to take the State Of Origin to new heights tomorrow night, using the technology in a world free-to-air television first.

Article from the Daily Telegraph

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Up Coming Auctions

7 Morrisset Street - 22nd May 2010, On Site.

57-61 William Street - 22nd May 2010, On Site.

Click the links above to view more details about the properties up for Auction. If you would like more information please feel free to contact the office 02 6332 21900

WATER RATES SKY ROCKET!

Everybody has read about this weeks water rates or have been shocked by opening their water bill to find that it has more then doubled from their last bill they received. To read more about the changes view the Western Advocates article that was in Tuesdays paper.

WESTERN ADVOCATE ARTICLE