Rents in Melbourne and Sydney will keep falling in the near term according the Reserve Bank of Australia.
The Australian dollar recently hit a two-year high of just over 74 US cents at the start of the month and another interest rate cut would put downward pressure on the rising Australian dollar.
The Victorian Premier this week laid out plans for the Melbourne real estate sector to fully open with COVID safety measures from November 23.
Despite the current turbulent times the Reserve Bank has kept the official cash rate at 0.25 per cent for another month.
Melbourne’s house prices were the hardest hit of all capital cities in the country for the month of August, falling by 1.4 per cent.