Century 21, the largest real estate sales organisation in the world, believes the Reserve Bank's decision to leave the cash rate on hold at 1.5 per cent is prudent to avoid overstimulating the market as the spring selling season commences.
"Property activity was unusually high this winter and all signs point to a lot of new demand coming into the market again this spring," said Charles Tarbey, Chairman and Owner of Century 21 Australasia.
"Another rate cut would have added more heat to an already busy market which we don't believe is needed at this time, particularly with auction clearance rates so strong in many areas.
"That being said, there are markets within markets in Australia but the overall health of the property market is very positive and we don't believe further stimulus is warranted at the moment," said Charles Tarbey.
The CoreLogic Home Value Index recorded a 1.1 per cent rise in dwelling values in August, with six of the eight capital cities recording a lift in dwelling values over the month.
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.
