Speaking to finder.com.au, AMP Capital’s chief economist Dr Shane Oliver said “not enough has happened to justify moving rates”.

“The line at the end of recent RBA statements has been that 'a period of stability' and recent comments from the RBA governor Glenn Stevens is clearly signalling that rates will stay on hold for some time, and prior to moving rates they would probably change that statement,” he said.

“The next change will probably be a rate hike, not until around sometime June quarter next year ... There's a good chance we won't get back to 5 per cent in this cycle.”

Also speaking to finder.com.au, chief economist at the Commonwealth Bank Michael Blythe similarly said that the RBA continues to indicate it wants a period of stability.

“We have the next change in November, but that will depend on the coming months,” he said.

RP Data’s research director, Tim Lawless, said the cash rate decision has come at a time when value across the housing market is continuing, albeit at a more modest pace compared to last year.

“It is looking increasingly like the official cash rate will remain at its low setting, at least for the remainder of this year, which should continue to support housing demand,” he said.

“Capital gains over the past 12 months were recorded at 10.2 per cent across the combined capital cities; however, we are expecting growth rates to moderate over the coming months as natural affordability constraints and low rental yields in the largest capital cities work to slow the rate of capital gains.”