The RBA’s decision to keep the official cash rate on hold this month has been labelled as a defining moment in “the clash between the economist and the sentiment of the homeowner”, by one major national real estate group. And it believes that the RBA’s cautious move could hit buyer sentiment hard.
Recent data showed that for the first time in around two years there had been an increase in the value of homes in the capital cities in Australia, and this has been influenced by recent rate cuts, claims Ray White Group’s Brian White.
“It showed once again the sensitivity of home purchasers and how immediately and quickly it can create a change in their confidence and psychology,” he said. “So much research shows the importance of this to the sense of wellbeing to the country’s citizens.”
“One can only hope this is not taken for granted by the Reserve Bank,” he added. “It would be a great disappointment to see the recent improvement in buyer sentiment was not shown to be sustained.”
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