Laing+Simmons managing director Leanne Pilkington said that the Reserve Bank of Australia’s decision to leave the interest rate unchanged at 1.5% is the right call, citing increased transactional activity, investors flocking back into the market, affordable financing options for buyers, and heightened vendor confidence.
“We believe leaving interest rates unchanged is the most appropriate course,” Pilkington said in a statement.
“While some commentators have suggested a return to strong price growth in Sydney is on the short term cards, we see a more moderate and sustainable price growth environment prevailing.”
Pilkington also noted that there is a balance of power between buyers and vendors at the present spring selling season, which is preferable for the housing market and the overall economy.
“Buyer demand is strong but most, with an eye on the broader macroeconomic scenario playing out, will be careful not to over-commit,” said Pilkington.
“It’s typical for vendors to seek to capitalise on reports of price growth but in the current climate we believe it’s critical to work with agents experienced at the local level and maintain realistic – if optimistic – price expectations.”
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