The flip side is that mortgage interest rates are now in decline, which will give the market a little more confidence as the year unfurls.

This significantly reduces the prospects of any interest cut until at least August. Indeed, it increases the odds that the eventual next move in interest rates could be up.

The testimonies to the Treasury Select Committee reinforce the impression that interest rates are set to remain on hold for several months to come.

It may not be long before we see another interest rate cut and this could account for the follow-through buying we are seeing today.

The market appeared at first sight to take some heed from the Reserve Bank's recent warnings, with a drop in sales, but January sales traditionally dip.

The fact that they don't charge commission based on a percentage scale does not, in our view, enable them to operate outside the act.