Century 21 believes that the decision by the Reserve Bank of Australia to hold interest rates at 2.75 per cent will provide an ongoing incentive for homebuyers and investors looking to make a property purchase.
"In a welcome decision for Australia's residential property market, the Reserve Bank elected to keep the official cash rate on hold for a second consecutive month," said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
"This is good news for those in a position to buy a property as the cash rate remains at a 53-year low and comes at a time when the housing market looks to be improving in a number of areas."
As part of its decision, the Reserve Bank reasoned that it was appropriate to leave the cash rate unchanged as easing financial conditions would contribute to a strengthening of growth over time, consistent with achieving the inflation target.
The Reserve Bank's decision follows the recent release of RP Data-Rismark's Hedonic Home Value Index results, which showed that median home values In Australia's capital cities rose 1.9 per cent in June, to be up 3.8 per cent throughout the 2012/13 financial year.
"In addition to rising capital city dwelling values, we are seeing many investors receiving strong rental returns in many markets across the nation, particularly in Sydney," continued Charles Tarbey.
"Auction clearance rates have remained strong in Sydney and Melbourne, national stock levels have increased, and there is an array of attractive finance packages on the market – factors that should encourage buying activity moving forward," concluded Charles Tarbey.
Century 21 encourages prospective buyers that are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so.
For more information about the residential property market in your areas of interest, please feel free to stop by your local Century 21 Real Estate office for expert and clear advice. Additionally, if you would like to speak to a mortgage professional about suitable loan packages, please contact Century 21 Home Loans.