Property investors hoping to capitalise on their investment are being advised to hold on to their properties for more than five years.
According to PRDnationwide’s Quarterly Economic & property Report, activity in the property market has been relatively weak for the past few months.
However, if interest rates stay on hold for the foreseeable future, this could potentially lead to greater buyer confidence and should spark higher levels of activity, PRDnationwide research analyst Aaron Maskrey said.
"We have seen the property market catch its breath and it is likely that the rate of growth will be slow and steady for the next few years," he said.
"Those looking to invest in property should do so with a plan to hold on to it for longer than five years.”
According to Mr Maskrey, business confidence is only just starting to pick up; suggesting buyer confidence still has a long way to go.
“The Australian Dollar is very strong and the country is progressing very well following the Global Financial Crisis.”