A collective sigh of relief was heard across the market this week as the Reserve Bank of Australia chose to hold off on another interest rate rise. It’s the second month in a row the RBA has chosen to keep the cash rate at 4.5 per cent, giving the market its first real breather after six near-sequential rises from a 49-year low of 3 per cent in September.
Of course, the decision to ‘‘hold’’ was more about global financial conditions, inflation and other economic factors than giving home owners and would-be home buyers a break, but it’s good news nonetheless for punters and the property market.
Conditions have been notably patchy lately, with buyers free to pick and choose among a wealth of stock— and many are taking their time about it and driving hard bargains to boot.