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CENTURY 21 Australia

P: (02) 8295 0600 E: nationaloffice@century21.com.au

MEDIA RELEASE

For immediate release March 4th, 2014

RATE HOLD WILL ENCOURAGE PROPERTY MARKET

Century 21, the largest real estate sales organisation in the Asia Pacific region, believes the Reserve Bank’s decision to leave the cash rate on hold at 2.5 per cent will encourage the ongoing recovery in the Australian property market. “This decision provides an eighth month of stability with rates on hold which may encourage more Australians to consider entering the property market,” said Chairman and Owner of Century 21 Australasia, Charles Tarbey.

“A sound Australian economy in combination with a low interest rate environment bodes well for the property market in 2014.” The Reserve Bank reasoned that it was appropriate to leave the cash rate on hold in light of information suggesting slightly firmer consumer demand and the foreshadowing of a solid expansion in housing construction. “The relative stability of economic conditions over the past eight months has likely been what has prompted value growth in the premium end of the property market which is starting to outpace the broad middle and most affordable segments,” said Charles Tarbey.

“This recovery is yet to spread out to discretionary spending areas such as traditional holiday home areas. When this does occur it will indicate a real return of strength to the Australian property market,” concluded Charles Tarbey.

Century 21 encourages potential buyers that are looking to purchase real estate to ensure they have obtained the appropriate professional property and finance advice before doing so. With over 3,000 offices, Century 21 is the largest real estate sales organisation in the Asia Pacific region, a region vital to Australia’s continued economic success.

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