The Real Estate Institute of Australia (REIA) commended the Reserve Bank of Australia’s (RBA) decision to introduce a 25 basis point cut to the official interest rate bringing the figure to the lowest level since the late 1950s. The official interest rate is now 2.25% after one of the longest period of interest rate stability.
REIA President, Neville Sanders, says the RBA Board has made a considered and accurate assessment of the property market taking into account economic headwinds Australia and the international community are experiencing.
“The significance of the easing monetary policy is that housing affordability in Australia will improve further, however we need today’s cut to be passed on fully by lenders.”
