At its October meeting, the RBA decided to keep the cash rate on hold at 4.5 per cent for the fifth straight month.
Peard Real Estate Group Managing Director Stuart Cox said the decision would restore confidence in the Perth real estate market.
High rates had a negative impact on the property market and backed arguments for rates to be reduced.
"There are now fewer buyers in the property market because of concerns over possible interest rate rises," Mr Cox said.
"The case for increasing interest rates has been to dampen consumer demand being driven by the resources boom.
"Recent rises in interest rates have had their desired effect in the resources capital of Australia with a sharp rise in the number of properties for sale in Perth being recorded during 2010.
"During recent months, housing finance and construction of new homes have begun to decline in WA due to high interest rates, even though there is a strong underlying shortage of homes predicted for the state."
But RBA governer Glenn Stevens warned in a statement that reprieve for borrowers and homeowners could be short-lived.
"If economic conditions evolve as the board currently expects, it is likely that higher interest rates will be required, at some point, to ensure that inflation remains consistent with the medium-term target," he said.