Century 21 Port Douglas real estate is part of the biggest sales organisation in the Asia Pacific region, and Phil Holloway Principal/Licensee 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 Far North Queensland homebuyers and investors looking to make a property purchase.
“An excellent decision for Australia’s residential property market, with the Reserve Bank electing to keep the official cash rate on hold for a second consecutive month,” said Principal and Licensee of Century 21 Port Douglas Real Estate, Phil Holloway.
Phil Holloway believes this is welcome news for those in a position to buy a property as the cash rate remains at a 53-year low. “It comes at a time when the housing market in Port Douglas, Cooya Beach, and Mossman looks to be improving in a number of areas.” said Phil Holloway. “We are experiencing an increase in buyer confidence and activity especially with people prepared to buy land and build residential property.”
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 Port Douglas investors receiving strong rental returns for the first time in four years” continued Phil Holloway.
Auction clearance rates have remained strong in Sydney and Melbourne, and we generally follow suit up here in Far North Queensland. 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.
Phil Holloway is Co-Owner and Principal of Century 21 Port Douglas Real Estate. Phil has 26 years real estate experience in Port Douglas and the surrounding shire. Phil came to the real estate industry after 20 years in the Dept. of Education as a teacher, special education consultant and School Principal. For competent, sound and valuable advice in buying or selling, contact Phil and be guaranteed of the best service. Call Phil on 0419 419 419 anytime.