At its monthly meeting, the Reserve Bank of Australia (RBA) chose to keep the official cash rate at 3.5 per cent. Century 21 expects that this decision will encourage prospective buyers to think seriously about making a property purchase in the spring selling season, which has just commenced.
Following the Reserve Bank's decision, Chairman of Century 21 Australasia, Charles Tarbey, said: "Century 21 is currently seeing a lot of stock coming through the pipeline as the spring selling season commences and the decision by the RBA may provide an added incentive for those in a position to buy property to be active during this usually busy period".
The RBA released an official statement citing on-target inflation forecasts, on-trend GDP growth and a more subdued international outlook as some of the key determinates behind its decision.
The decision follows the recent release of RP Data-Rismark's Hedonic Home Value Index data, which showed that capital city home value growth remained flat over August, but had increased by 1.6 per cent in the three months preceding September.
Charles Tarbey added that a combination of market factors have contributed to a favourable buying environment moving into spring:
"Property prices have largely stabilised this year, there is adequate stock to choose from and with the ability to lock in relatively low interest rates- buyers would appear to have a number of conditions working in their favour."
For more information about the residential property market in your area of interest, please feel free to stop by your local Century 21 Real Estate office for expert, clear advice.