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REIA welcomes interest rate hold

The Real Estate Institute of Australia has said that the decision not to change interest rates is a positive move for those buying property in Australia.

The decision not to change interest rates has been welcomed by the Real Estate Institute of Australia (REIA) and hailed as positive for those buying property in Australia.

Activity in the property market has slowly declined since April and housing affordability has also continued to worsen, the REIA claims.

"With the current state of the housing market continuing to slow, increasing interest rates would have been devastating for homebuyers and would have further impacted on the strength of the housing market," said REIA president David Airey.

He went on to say that interest rates are a major component in whether buyers are able to afford property or not.

Mr Airey concluded that, while no change is currently a good thing, house buyers need longer-term stability and certainty.

While activity on the market may be slowing, plans to build new houses are still going ahead and being approved in the country.

Recent figures from the Australian Bureau of Statistics show that 8,701 private sector houses were approved this June.

Posted by Stave Douglas

- interest, rates, REIA

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