Ray White sees confidence in RBA’s rates decision
RAY White Group, the largest property group in Australia, said the rate decision on Tuesday bodes well for the current state of the property market.
‘‘The decision by the Reserve Bank of Australia to leave the cash rate on hold has been widely anticipated since the election,’’ Ray White Group chairman Brian White said. ‘‘The strength in the Australian real estate market, therefore, has been achieved without any confidence that there would be a decrease in rates and we believe that this is going to lead to continuing strong market for the remaining spring months. The pleasing thing about the current market is the dramatic loosening of supply with our offices reporting excellent stock levels that will satisfy the demand for the rest of the year.’’
‘‘This contrasts to the tight supply leading up to the recent federal election - a situation not uncommon before previous elections or political events.’’