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Leave rates on hold: Ray White

By webmaster
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Ray White chairman Brian White has called on the Reserve Bank to leave rates on hold when it meets today.

Mr White said speculation that there will be no rate increase later today – with some forecasters suggesting it will be April before any further change – is exactly what the property market needs.

"There's no doubt that the build-up of expectations of more rate increases through to Christmas impacted our spring results,” Mr White said.

The Ray White Group recorded $6.908bn in sales during the 2010 spring, down on a strong 2009 but up significantly on the post-global financial crisis spring period in 2008.

"The lift into the summer season is supported by anticipation that rates will be unlikely to go up further for some months.

"Funny how long it takes the authorities to pick up on information that we've now known for months. But at least it is now publicly declared that the two speed economy is causing problems in the Australian services sector.”

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