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 will assist in driving demand in the residential property market heading into the Christmas season.
"As 2014 comes to a conclusion, the Reserve Bank has yet again elected to keep the cash rate at the historically low level of 2.5 per cent," said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
"It's my belief that this will assist in maintaining attractive borrowing conditions, and stimulate greater demand from buyers and sellers alike looking to finalise transactions before Christmas and the New Year."
In their announcement, the Reserve Bank indicated that a lower exchange rate for the dollar and continued stable monetary policy will likely benefit the Australian economy.
The announcement came just days after the release of the CoreLogic RP Data Home Value Index results, which showed that median home values in Australia's capital cities recorded a -0.3 per cent drop during November.
"This recent slow-down in dwelling price growth may be a sign that the market is continuing to moderate," said Charles Tarbey.
"However, it's my belief that we will see a number of buyers take advantage of attractive mortgage rates before the new year is upon us," concluded Charles Tarbey.