Century 21 Australia, the largest real estate company in the Asia Pacific region, believes that the Reserve Bank of Australia’s decision to hold interest rates at 4.75 per cent will help to provide some stability for home buyers and investors in a time of economic uncertainty.
We continue to see that Australians are worried, both about their capacity to pay their mortgages should rates go up and their ability to purchase a property.
This rate hold should go some way to keep these concerns at bay.
While inflation for the June quarter was higher than expected, it is anticipated that Australia’s annual economic growth may not be as strong as has been forecasted, both factors that the Reserve Bank needed to regard in its decision.
In coming to this decision, the Reserve Bank had to juggle a number of considerations, but I believe that keeping rates steady was a necessary choice.
The residential real estate market continues to hold some excellent and affordable purchase opportunities for home buyers and investors.
We are hopeful that with rates kept steady people will feel increasingly able to buy suitable properties with confidence, sitting down with real estate and mortgage professionals to understand how they can best prepare and plan to take advantage of such opportunities.