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The issues from this week’s property auction in New South Wales show continued modest improvement and development in the market. This is a good sign for the economy.

A clearing rate of 57 % illustrates consistency during the last month, shifting mildly between 56 % and 62 per cent for a month running.

The Reserve Bank of Australia (RBA) held interest rates at 4.25 % this month, leading to talk about the ensuing actions from the major banks.

Managing Director of the financial comparison website RateCity Damian Smith reported moves that appeared to disregard RBA’s decision.

“Forty-five banks hiked their variablee mortgage rates by a median of 12 basis points regardless of the Reserve Bank keeping the cash rate on hold last month.”

These events spark concern over the reaction of potential purchasers.

Real-estate Institute of New South Wales General Manager Tim McKibbin referred to purchaser research by Property View when he revealed, “interest rates are a key issue for prospective buyers particularly when banks are increasing mortgage rates independent of the RBA’s decisions”.

While the battle of interest rates may rumple some feathers, there is positive news coming from the Australian Bureau of Stats.

The country has been weathering the Worldwide Financial Crisis relatively well to other states, highlighting the positives and benefits of property investing in Australia.

While the rate of unemployment rose barely from the previous year, it remains one of the lowest in the industrialised world.

Minister for work and workplace relations, financial services and superannuation Bill Shorten noted inevitable results of the European chaos but remained assured in the fiscal future of the country.

“The Australian economy , however , is built on strong fundamentals, with low debt and low unemployment and the government has a confirmed track record of coping with world unstableness in the GFC,” he claimed.

PropertyInvesting.com is an internet site dedicated to committing to real estate in Australia. If you what to learn more facts about investment, you can visit property investment blog.