Posted on Wednesday, May 4th, 2011 in by Matt Garmony
Property owners were spared another interest rate rise yesterday when the Reserve Bank of Australia (RBA) decided to leave the cash rate at 4.75%, with the RBA governor Glenn Stevens stating the recent economic data showed reduce production due to the floods and cyclones. Mr Stevens further stated that longer term inflation can be expected. Many economists are still predicting further rate rises in the later part of the year.
In relation to the residential and commercial property market, it is our opinion the current subdued market conditions should continue in the short to medium term, as small business and consumers economic uncertainty continues. Recent comments from active real estate agents indicate the market is tough and only correctly priced properties will sell. Garmony Property Consultants, licensed valuers in Perth are carrying out an increasing number of pre-purchase and pre-sale valuations, as buyers and sellers are seeking an independent professional opinion to assist them with their important property decisions.