Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the Reserve Bank's decision to leave interest rates on hold could see many areas of the property market maintain price growth.
"Although winter is usually a quieter time for real estate we are still experiencing high levels of demand in many areas," said Century 21 Australasia Chairman and Owner, Charles Tarbey.
"I believe that cheap credit and high demand could mean that real estate prices in Sydney and Melbourne continue to surge at least for the short term.
"With what appears to be a strengthening US economy but uneasiness surrounding other international markets, it will be interesting to watch the RBA's response over the coming months," said Charles Tarbey.
CoreLogic RP Data recently released data showing that while Sydney and Melbourne prices increased by 16.2 per cent and 10.2 per cent respectively last financial year, the combined capital city rental rates have increased by only 1.1 per cent over the last 12 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.