The Real Estate Institute of Australia (REIA) has claimed the Reserve Bank of Australia's (RBA's) decision to reduce interest rates this month will have a significant beneficial impact on the stress levels of property owners across the country.
According to the organisation, the 0.25 basis point reduction will help the average homeowners to cut their monthly mortgage payments by $50 - a welcome move at a time when many people continue to struggle under the burden of large debts.
REIA president Pamella Bennett commented: "We've seen no rate cut since the June quarter and the market has remained relatively flat, so this cut is very welcome."
She added that housing affordability has continued to improve over the last year and this latest move by the RBA could further boost this action in the months ahead.
Last month, the REIA revealed the average median house price for Australian property presently stands at AU$519,768, with the largest valuation increases being witnessed in Hobart over the last quarter (up 4.8 per cent).
Posted by Craig Francis
