Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the Reserve Bank's decision to leave the cash rate at two per cent is expected yet prudent.
"The market is quite diverse at the moment and not all locations are experiencing the strength of the Sydney and Melbourne housing markets," said Century 21 Australasia Chairman and Owner, Charles Tarbey.
"In fact, there are some locations in which a rate reduction would be helpful.
"Although this is the case, it's my belief that a rate hold is the best decision considering both the broader property market and the economy," said Charles Tarbey.
Data recently released by CoreLogic RP Data highlights the diversity in the Australian property market. Sydney and Melbourne have recently seen auction clearance rates around 75 per cent, compared to a slower markets in Brisbane and Perth, with clearance rates sitting at 48.4 per cent and 31.6 per cent respectively.
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.