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The Reserve Bank of Australia has left interest rates on hold at 1.50 per cent at the 18th consecutive board meeting.

REINSW President Leanne Pilkington said it was unlikely that interest rates would change in the foreseeable future. 

She said: “The residential housing market, and the economy generally, requires the steady interest rate environment to continue. 

“Employment growth has been encouraging but tempered by flattened wage growth, while house price growth is also subdued and clearance rates are solid if unspectacular.

“It amounts to a prudent case of the RBA leaving rates as is.” 

The RBA will next meet on Tuesday, 1 May 2018.