The Reserve Bank of Australia made the decision to leave interest rates on hold at 2.00 per cent at its July Board meeting.
REINSW President Malcolm Gunning said the news was largely expected following the rate cuts earlier in the year.
“With interest rates at record lows the RBA is currently assessing its position.
“There has been lots of speculation and concerns around a property bubble if interest rates rise in the future. However, we believe that there is no property bubble in Sydney. The world’s best and brightest are attracted to Sydney and this is reflected in current property values.
“Those who are still concerned should remember that property should be a long term investment which makes you immune to cycles,” Mr Gunning said.
The official cash rate has fallen 275 basis points since November 2011, with the RBA cutting interest rates twice in 2013 in May and August and at its February and May meetings this year.
The RBA will next meet on Tuesday, 4 August 2015.
For further information or to arrange an interview with REINSW President Malcolm Gunning, contact Helen at [email protected] or 0419 642 961.