The interest rate hold will create confidence

The decision to hold interest rates steady today is a positive for the property market.  There has been a cooling of interest as buyers retreated to the sideline with a degree of caution based on recent reports of economic meltdown in Europe and potential interest rate rises. Obviously too early to call but we expect buyers to feel more confident in proceeding with purchases.  Just recently we have seen buyers making offers and then withdrawing or taking too long to finalise the deal.  The interest rate hold will create confidence.   The activity in the last three weeks has certainly been below the $1M mark.