Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the RBA’s decision to leave interest rates at 2.5 per cent will continue to attract new and repeat buyers to the Australian property market.
“In the forty-two years I’ve been practicing real estate I’ve never seen interests rates reach this level, let alone stay this low for eleven months,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.
“There were many buyers this time last year who were sitting on the fence with the belief that the RBA would continue to reduce rates towards the end of 2013.
“Over the past eleven months these buyers have entered the market and combined with new sellers entering the market we’re seeing a period of adjustment which is likely to lead to steady, sustainable growth in a negotiators market for the foreseeable future.”
In a statement, the Reserve Bank reasoned that it was appropriate to leave the cash rate on hold in light somewhat firmer growth around the turn of the year and a strong expansion in housing construction.
“I encourage anyone who’s looking to enter the property market this spring to start making contact with their local real estate agents,” said Charles Tarbey.
“By letting these agents know you’re active, interested and looking to purchase, they’ll likely contact you as, or even before, a suitable property is listed giving you an advantage over other buyers in the traditionally busy spring selling season, ” concluded Charles Tarbey.