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The Real Estate Institute of SA (REISA) has welcomed the news that the official cash interest rate was slashed at the Reserve Bank board meeting this afternoon.
REISA Chief Executive Officer, Greg Troughton said the cut in interest rates by 25 basis points shows the Reserve Bank has acknowledged the ongoing difficulties faced by struggling homeowners.
“It’s a positive sign that the Reserve Bank has assessed our economic position and responded accordingly.”
“Lenders must now follow the lead of the Reserve Bank to ensure that South Australians benefit from the RBA’s decision,” Mr Troughton said.
“Households have been struggling for several years with rising costs to housing, petrol and utilities. The Reserve Bank has now provided some further relief to help alleviate the housing pressures being felt by South Australians.”
Commenting generally on the market, Mr Troughton said that the market is still sluggish in many areas across the State.
“It’s going to take more than an interest rate cut to get the economy focused and moving in the right direction,” he said.
“Historic cash rate lows announced today show a further sign that monetary stimulus is no longer enough to improve the property market. Property taxes continue to hold back this important sector.”
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