Yesterday's decision by the Reserve Bank to leave the rates on hold over July is indicative of a wait-and-see approach and is expected to continue over for the foreseeable future. The approach is likely to have been enhanced by uncertainty over the Greek sovereign debt crisis and its impact on the Eurozone and international economies.

House price growth, particularly in Sydney and Melbourne, will continue to be fuelled by the lowest mortgage rates since the mid 1960s.

Low bank deposit rates will also continue to activate investment in residential property chasing both higher yields and capital gains.