The Reserve Bank of Australia's (RBA) decision to leave its benchmark interest rates on hold has been welcomed by the country's professional real estate group the Real Estate Institute of Australia (REIA).
It said that it supported the decision to keep the already record low interest rates on hold and instead allow room for more rate cuts later.
REIA president Peter Bushby stated: "REIA was pleased the RBA cut rates to a historically low figure in May, but we didn’t expect it to ease monetary policy further today."
Mr Bushby added that since the rate cuts, of which the last round happened in May, investors and first time buyers had become more interested in the Australian housing market. The challenge moving forward, he added, was to encourage more first time buyers to get on the property ladder.
Presently, the RBA's benchmark rate is at 2.75 per cent and has been kept on hold for two months.
Posted by Craig Francis