The Reserve Bank of Australia has left interest rates steady at 2.25 per cent at its March Board meeting.
REINSW President Malcolm Gunning said the impact of the decision to cut interest rates in February was still yet to filter through.
"It is really amazing times because the low interest rates mean that property has never been more affordable despite the high prices.
"However the reality is that as the economy picks up interest rates will rise and finance will be less affordable. It is so important to remember this," Mr Gunning said.
The official cash rate has fallen 250 basis points since November 2011, with the RBA cutting interest rates twice in 2013 in May and August and once this year.
The RBA will next meet on Tuesday, 7 April 2015.
For further information or to arrange an interview with REINSW President Malcolm Gunning, contact Helen at email@example.com or 0419 642 961.