Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the Reserve Bank's decision to leave the cash rate on hold at 2.5 per cent bodes well for the property market as it will provide ongoing certainty to mortgage holders and attract new buyers to the market.
"There has been some discussion recently about the potential of the market to overheat," said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
"It's important to remember that not all areas of the market are experiencing growth like Sydney and Melbourne and that recovery is patchy.
"However, today's decision coupled with Australia's unique property market, the imbalance between supply and demand of housing, and the ongoing health of the Australian economy are all factors which will encourage the market moving forward," concluded Charles Tarbey.
The Reserve Bank indicated that it still expects growth to be a little below trend for the next several quarters and made note of recent labour market data volatility.
Century 21 encourages potential buyers who are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so.
With over 3,000 offices, Century 21 is the largest real estate sales organisation in the Asia Pacific region, a region vital to Australia's continued economic success.