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 2.25 per cent may assist in maintaining sustainable growth rates in the Australian property market.
"By leaving the rate at its current level, the Reserve Bank may facilitate stable and continued growth in the real estate market due to the resulting certainty around finance.
"This may encourage potential buyers off the fence and into making a purchasing decision, in a sector of vital importance to the Australian economy as a whole," said Charles Tarbey.
In their announcement, the Reserve Bank indicated that further monetary easing at a later date may be appropriate in order to foster sustainable demand growth and keep inflation inside of the target range.
"After last month's rate cut, many commentators have been discussing the possibility of further cuts, with the economies of Europe, Japan and the USA significant in these discussions," concluded Charles Tarbey.