However, a fear-of-missing-out will likely spur on buyers currently waiting on the sidelines for the first signs of a rate cut.
Are strong market conditions set to continue?
The Reserve Bank on Tuesday held the cash rate target steady at 4.35% and left open the possibility of a further rate hike should inflation remain high.
"We don't think we necessarily have to tighten again, but we can't rule it out. If we have to, we will," RBA governor Michele Bullock said in a post-meeting press conference.
Hopes for an early interest rate cut have faded following stronger-than-expected inflation data in the March quarter, with financial markets no longer pricing in the first move before mid 2025.
Property price growth expected to slow
With interest rates remaining on hold since November, PropTrack senior economist Eleanor Creagh said the extended pause has bolstered confidence among both buyers and sellers, which led to swift price increases over the summer selling season.
But heading into winter, she expects this may change.
Source: Realestate.com.au
Comments