Industry pundits welcome rate relief

Industry pundits welcome rate relief

02 February 2011 by Staff Reporter 0 comments

Matthew Sullivan

Industry leaders have supported the RBA’s decision to leave interest rates on hold as property prices spiral out of control.

Real Estate Industry of Australia president David Airey said the Reserve Bank had made the right decision to leave the official interest rate on hold given the worsening state of housing affordability.

Recent research by REIA shows house prices have continued to sky rocket over the last 10 years, with current housing affordability at its worse in a decade.

In addition, the level of income required to meet loan repayments has increased 5.8 percentage points to 34.8 per cent in the twelve months to September 2010.

“Given these figures, the breathing space RBA has provided to home owners is welcome news – we need this respite to continue for the foreseeable future,” Mr Airey said.

“REIA will continue to call on all levels of government to address the issue of supply which is an important component of improving affordability.”

 

 

Matthew Sullivan

Industry leaders have supported the RBA’s decision to leave interest rates on hold as property prices spiral out of control.

Real Estate Industry of Australia president David Airey said the Reserve Bank had made the right decision to leave the official interest rate on hold given the worsening state of housing affordability.

Recent research by REIA shows house prices have continued to sky rocket over the last 10 years, with current housing affordability at its worse in a decade.

In addition, the level of income required to meet loan repayments has increased 5.8 percentage points to 34.8 per cent in the twelve months to September 2010.

“Given these figures, the breathing space RBA has provided to home owners is welcome news – we need this respite to continue for the foreseeable future,” Mr Airey said.

“REIA will continue to call on all levels of government to address the issue of supply which is an important component of improving affordability.”

 

 

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?