At its board meeting earlier this week, the Reserve Bank of Australia (RBA) left the official cash rate on hold for a second consecutive month.
In an unsurprising move, the Bank said it was prudent to leave the official cash rate as is, which currently sits at a historic low of 2.75 per cent.
The economy is tracking well with capital city dwelling values climbing by 3.8 per cent over the last financial year.
It would appear that the lower mortgage rates are starting to have a positive impact on the housing market and continued improvements are expected.
The declining Australian dollar also impacted the decision. Recent falls have given the RBA time to hold steady this month, but there is still room for further cuts if needed.