Last week saw the Board of the Reserve Bank of Australia meet to make its interest rate decision for the month of March.
From our perspective at Century 21, its move to keep interest rates on hold at 4.25 per cent should help to provide some certainty for buyers heading into the traditionally busy autumn real estate season.
Upon the news, Chairman and Owner of Century 21, Charles Tarbey, said: "Through this decision the Reserve Bank has essentially indicated that it is reasonably comfortable with Australia's current economic conditions, which should help to provide a level of confidence for buyers looking to secure a property purchase in the present market, while also allowing them to lock in comparatively low interest rates."
In his statement following the decision, Reserve Bank Governor Glenn Stevens noted that economic growth in Australia is expected to be close to trend and inflation close to target.
"Century 21 is starting to see buyers respond to the two consecutive interest rate cuts made at the end of 2011, with improved auction clearance rates suggesting that people are re-entering the market and completing transactions," continued Charles Tarbey.
"And with the continuing release of affordable mortgage packages by lenders and the autumn period typically seeing an increased number of listings on the market, the coming months could present prospective buyers with attractive purchase and financing opportunities," concluded Charles Tarbey.
Century 21 encourages those potential buyers looking to secure a real estate purchase over the coming months to ensure they have obtained the appropriate professional property and mortgage advice before doing so.
For more information about available real estate purchase opportunities in locations of interest, please feel free to contact your local Century 21 real estate agent for clear and expert advice.