RBA leaves cash rate on hold at 1.5 per cent

RBA rate hold: 1.5%

CENTURY 21, a real estate organisation with over 100,000 staff in 78 countries, believes the Reserve Bank’s decision to leave the cash rate on hold at 1.5 per cent is prudent in light of disparate conditions across Australia’s property market.

The Chairman and Owner of CENTURY 21 Australasia, Charles Tarbey, said that while he believes some states would benefit from an interest rate cut, others would not. 

“While Canberra, Hobart, Sydney and Melbourne posted strong price gains in February, Darwin, Perth and Brisbane registered declines,” said Charles Tarbey. 

“This thematic seems to be becoming more pronounced and in terms of the property market, the RBA’s decision might be the best middle ground solution moving forward. 

“The general market outlook appears to be relatively buoyant, however I advise Australians not to rely on headline market figures without researching local market dynamics to ensure their financial commitments are realistic and sustainable,” said Charles Tarbey. 

CoreLogic data has reported a further rise in the value of capital city dwellings in February, with values rising 1.4 per cent over the month.  The strong capital gain over February was led by Canberra (+3.2 per cent) and Sydney (+2.6 per cent). In contrast, dwelling values were down over the month across Darwin (-4.3 per cent), Perth (-2.4 per cent) and Brisbane (-0.4 per cent).

These February results mark a new high point in the current growth cycle, with capital city dwelling values increasing by 11.7% over the past twelve months. 

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.

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Posted by Administrator on 06/03/2017 at 7:06 PM | Categories:

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