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 will continue to support sustainable growth in house prices.
"Many pundits are predicting stabilising market conditions over the coming months and whilst capital city markets around Australia remain relatively buoyant, the dynamic between buyers and sellers in some areas may begin to shift," said Charles Tarbey, Chairman and Owner of Century 21 Australasia.
"Buyers may be placed in a better position to negotiate a good price, but should continue to be wary of overextending themselves as future rate rises are not out of the question.
"Even a slight upward movement in interest rates can significantly increase mortgage repayments, so buyers should ensure they adhere to a pre-determined budget and factor in contingencies for any changes that the year could hold," said Charles Tarbey.
According to CoreLogic Home Value Index results for January, capital city dwelling values posted a 0.7% rise across the combined capital city regions with Hobart, Sydney and Melbourne leading the monthly gains.
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.
