The Reserve Bank of Australia has decided to keep interest rates on hold at its Melbourne Cup day board meeting today.
REINSW President Malcolm Gunning said interest rates remained at 2.00 per cent.
“The property market has slowed as a result of recent changes to lending criteria,” Mr Gunning said.
“Sale prices have flattened out and we are seeing a change in the market which favours buyers rather than sellers. We expect this to continue to the end of the year and beyond.”
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, 1 December 2015.
For further information or to arrange an interview with REINSW President Malcolm Gunning, please contact Helen at firstname.lastname@example.org or 0419 642 961.