REINSW welcomes rate hold

The decision by the Reserve Bank of Australia to hold interest rates at their current level has been welcomed by REINSW as it will help sustain a recent pick up in the residential property market.

Auction clearance rates in Sydney have been on an upwards curve recently with the 66.7 percent clearance rate last Saturday - up six percent on the previous week and over 14 percent on the same time last year.

In other signs the housing downturn in the State might be easing, Master Builders Australia’s latest survey indicates builders believe activity is "stabilising”, in line with a national trend.

“People have realised the market offers value and are no longer waiting,” says REINSW Vice President Steve Martin. “If they see the home they want, they are moving on it.”

“We are starting to see a glimmer of hope. A stable market allows people to make decisions and get on with their lives.

“We congratulate the Reserve Bank for keeping rates on hold because despite the fact that there is some action in the market, the indications are that people need rates to remain steady in order to feel confident about buying property.”

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• Mebourne's auction clearance rate was steady again on Saturday (March 15) at 67 per cent.