Newspaper article The Chronicle (Toowoomba, Australia)

Decision Extends Selling Season

Newspaper article The Chronicle (Toowoomba, Australia)

Decision Extends Selling Season

Article excerpt

THIS week's decision by the board of the Reserve Bank of Australia to leave the official cash rate on hold at 2.5 per cent will ensure the traditional Spring selling market extends to Christmas and potentially beyond, according to Brian Reid, chief operating officer Raine & Horne.

"Leaving official rates on hold is a clear sign that eight cuts since November 2011 have hit the mark," Mr Reid said.

"This outcome represents a stamp of approval for the Australian economy, and is delivered in the wake of improved retail spending data, and news our capital cities continue to record very strong auction clearance rates, which is a sure sign of pent-up buyer demand for quality real estate."

According to the latest ANZ Australian Housing Market Update, Sydney posted a clearance rate of 77% last weekend, while it was 71% in Melbourne and 80% in Adelaide.

"I expect that for those vendors who have been sitting on the fence, today's judgement will give them the confidence to make a move, and we will see a bounce in the number of homes listed for sale in November," Mr Reid said. …

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