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REIA welcomes RBA's cash rate hold

The Reserve Bank of Australia's decision to keep the cash rate on hold has been welcomed by the Real Estate Institute of Australia.

The Real Estate Institute of Australia (REIA) has welcomed the board of the Reserve Bank of Australia's (RBA's) decision to not increase the cash rate.

David Airey, president of the REIA, said leaving interest rates on hold at 4.75 per cent is the right decision, given the current state of affordability of property in Australia.

"Increasing interest rates would have caused great mortgage stress for homeowners at this time," Mr Airey explained.

He also said that the REIA's Deposit Power Housing Affordability Report for the March quarter 2011 is to be released tomorrow (June 8th) and that, in light of this, the RBA "has accurately assessed the property market" in its decision to leave the rate on hold.

The report relating to the first quarter of this year revealed that the proportion of income required to meet loan repayments was 35.3 per cent.

Last month, the REIA's latest Housing Affordability Report showed that Victoria is the second most expensive state for property in Australia.

 

 

Posted by Ravin Chatlani

- property, rates, interest, REIA, RBA

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