Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the Reserve Bank's decision to keep the official cash rate at two per cent may help bring stability to the real estate market.
"The combination of interest rates on hold and increased stock levels in many areas should be a good thing for the Australian property market," said Century 21 Australasia Chairman and Owner, Charles Tarbey.
"Sellers have had an advantage in many areas recently, but this may be changing if we head into a more even market with moderate growth.
"A correction in the supply and demand imbalance could make growth more sustainable and will be better for the market in the long term," said Charles Tarbey.
Recent data from CoreLogic RP Data reveals that across the combined capitals, the top quartile of dwellings based on value has recorded growth of 12.3 per cent over the past twelve months while the most affordable end of the market has recorded a lower growth rate of 8.5 per cent.
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.