Real Estate Institute of Australia (REIA) President, Ms Pamela Bennett says today's decision by the Reserve Bank of Australia to leave official interest rates unchanged was not unexpected and an appropriate one following successive reductions at its two previous meetings.
Ms Bennett says while there are some indications that property markets may have improved slightly, the full effect of the May and June cuts won't be clear for several months.
"We believe the RBA was overly cautious in not moving earlier this year, but now on the back of two successive rate cuts, it is understandable they will take time to assess their effect before taking further action," Ms Bennett said.
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