RBA takes action
The Reserve Bank dithers no longer, cutting interest rates by 25bps to just 2.25 percent.
The monetary policy decision had the desired effect on the Aussie dollar, sending the currency plummeting down to just 76.7 cents.
Perhaps the most interesting point to note is that the Reserve was unwilling to cut interest rates unless it saw more than one cut as being necessary.
Therefore this is perhaps unlikely to be seen as a "lone wolf" interest rate cut and we may well see a 2 percent cash rate soon.
Crucially the wording of the release was ultra-dovish suggesting that more interest rate cuts may follow in due course.
This point was not lost on markets which are already pricing another interest rate cut as soon as next month as being more likely than not, albeit marginally.
More than that, markets are pricing in implied yields of below 1.8 percent miles out until the second half of 2016.
This suggests that we are set for a long period of low interest rates ahead.
What then for Sydney housing?
In short, it is going to be another big year for Sydney's property market.
Noted Domain in its article "interest rate cut to turbo-charge Sydney house-price growth".
"The Reserve Bank's cut in interest rates has prompted speculation from property experts that the Sydney housing market could be in for another boost.