Australian property News
Australia's property market could benefit from the Reserve Bank of Australia's decision to keep rates on hold amid worries about the state of the economy, it has been suggested.
The Real Estate Institute of Australia (REIA) has voiced its support for the bank's stance, stating that the move is welcome news for home buyers as well as existing owners.
According to the organisation, greater participation from first-time buyers and high interest rates are vital for the continued success of the market in the coming months.
The comments emerge after recent figures revealed that this group's participation in the sector has declined from 30 per cent to just 15 per cent since 2009.
Pamela Bennett, acting president of the REIA, said: "We need to see [the respite] continue for the foreseeable future to encourage greater participation in the housing market, particularly from first home buyers."
Last month, the organisation also supported proposals to abolish state-based real estate stamp duties in a bid to improve housing affordability for a range of people.
Posted by Craig Francis
Australia's property market could benefit from the Reserve Bank of Australia's decision to keep rates on hold amid worries about the state of the economy, it has been suggested.
The Real Estate Institute of Australia (REIA) has voiced its support for the bank's stance, stating that the move is welcome news for home buyers as well as existing owners.
According to the organisation, greater participation from first-time buyers and high interest rates are vital for the continued success of the market in the coming months.
The comments emerge after recent figures revealed that this group's participation in the sector has declined from 30 per cent to just 15 per cent since 2009.
Pamela Bennett, acting president of the REIA, said: "We need to see [the respite] continue for the foreseeable future to encourage greater participation in the housing market, particularly from first home buyers."
Last month, the organisation also supported proposals to abolish state-based real estate stamp duties in a bid to improve housing affordability for a range of people.
Posted by Craig Francis
