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REIA: Interest rates should be reduced

The Australian real estate representative REIA has claimed the RBA should cut rates again in February.

Australian property body the Real Estate Institute of Australia (REIA) has responded to the latest Consumer Price Index (CPI) by calling on the Reserve Bank of Australia (RBA) to make further cuts to interest rates.

 

 

The figures are in line with the RBA's predictions for growth over the quarter, the REIA claimed.

 

 

REIA president Pamela Bennett argued that the latest data was well within the RBA's expected range of two to three per cent and claimed this should encourage the central bank to make another cut to rates, after doing so in November of last year.

 

 

"The annual change in trimmed mean and weighted median is 2.6 per cent for both measures for the December quarter," Ms Bennett explained.

 

 

For the housing group the main contributor to CPI increases was rent, which grew by one per cent.

 

 

Australian Property Monitors' (APM's) quarterly report for the three months up to December recently revealed a rise in Australian median house prices, the first for five quarters.

 

 

Posted by Craig Francis

 

 

- property, rates, interest, REIA, banks, median, prices, inflation

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