The housing market is unlikely to be greatly impacted by the latest Reserve Bank announcement.

The bank confirmed the Official Cash Rate will remain at 5.5 percent, although there is a possibility this could be raised again this year.

Corelogic Chief Property Economist Kelvin Davidson told Kate Hawkesby the decision is neutral for the housing market, with a muted recovery still likely.

He says whatever was going to happen to the housing market will still happen.

Davidson says there is no need to panic and the hint of a further OCR hike is just a warning.

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