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Industry leader praises RBA decision

The chairman of the Real Estate Institute of Queensland (REIQ) Pamela Bennett has praised the decision of the Reserve Bank of Australia (RBA) to leave the cash rate steady.

"Tuesday’s decision by the Reserve Bank to leave interest rates on hold was definitely the correct one," said Bennett.

She asserted: "Australian Bureau of Statistics (ABS) data released this week showed house prices continuing to fall and new home sales dropping dramatically- especially in Queensland."

Factors considered by the RBA in their decision on the cash rate included flagging property markets, low retail profits and a slow recovery by the domestic economy from the events of the global financial crisis.

The potential for international economic unrest has also played a part, with the federal body choosing its course of action despite a rate of inflation normally considered to be outside its target of two to three per cent

The ABS has calculated that the consumer prices index has reached as high as 3.6 per cent in the last quarter.

Conflicting information and differing industry reports makes peer discussion useful to real estate professionals, who may find that attending property management conferences provide them with invaluable insights.

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