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Stability in rates felt by housing market

5 Mar 13

The decision to again leave the cash rate unchanged for March is a boost of confidence for the property market as it shows that these lower rates are sustainable and will prevail for some time, according to the Real Estate Institute of South Australia (REISA).

REISA President, Mr Greg Moulton, said that the stability of these low rates is starting to stimulate more interest in the property market which is a strong indicator of movement across the State.

“REISA members are saying that the first two months of the year have started to show some promising signs that housing stock is starting to move and the low interest rates are no doubt an important factor in purchase decisions,” he said.

“Of course a further cut to rates would be welcome, but the reality is, our current interest rate levels are very low and with this expected to continue for some time, people are really starting to turn back to property as an investment decision.”

“After a tough few years, it is good to see a spring in the step of the market a little more. Whilst the recovery won’t be overnight, incremental increases in volume is what is needed to boost the market.”
 

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