The Reserve Bank of Australia (RBA) is pleased that the uptrend in Australian property prices has stalled, according to an expert.
Macquarie interest rate strategist Rory Robertson told API magazine that this was communicated in the recently released minutes for the RBA's August meeting.
The minutes detailed how housing prices had shown little growth over the past few months, which means that those seeking Australian property could get their hands on a bargain if they act now.
It was also outlined how auction clearance rates in Sydney and Melbourne had fallen to "around average levels".
"These developments suggested that the earlier increases in lending rates were having an effect on household behaviour," the minutes read.
API reports Mr Robertson as stating that the effect on household behaviour was the RBA's desired outcome.
While the property market in Australia may not be booming as it once was, it is faring better than those of other developed nations, Rismark managing director Christopher Joye told SmartCompany.com.au recently.
Posted by Steve Douglas
