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The Reserve Bank has again decided to leave official interest rates at the record low of 2%.  Rates will have been on hold for eight consecutive months when the Bank meets again in February 2016.

Although rates remain on hold, the prospect remains for a cut next year.  The outlook for local economic growth has deteriorated sharply and concerns persist over the current and likely future performance of the global economy.

The Banks decision comes on the back of news that Melbourne property prices fell 0.5% over the past three months, a further sign that the tide may be turning.

Despite registering strong annual growth of 11.8%, home prices dipped 3.5% over November according to the Core Logic RP Data Home Value Index released on Tuesday.

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James Worssam

0418 585 815

james@greatoceanroadrealestate.com.au

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