Interest rate cut welcomed by REINSW

Today’s full one per cent cut in official interest rates has been welcomed by the Real Estate Institute of New South Wales. 

The 1% cut in official interest rates was announced by the Reserve Bank late today.

 

“Today’s action by the Reserve Bank is timely as the state desperately needs to attract investors back into the market,” said REINSW Steve Martin.

“This cut will hopefully deliver the type of momentum needed to kick start investor activity in NSW.

“We have seen first home buyers (FHB) return to the market aided by lower interest rates as well as additional FHB incentives.

“Yet investors in the commercial and residential sectors have yet to show that they are confident enought to return to the market.

“With interest rates now at 45 year lows, now is the perfect time for investors to secure a solid investment in retail or commercial property,” said Mr Martin.

Source: Interest rate cut welcomed by REINSW