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INTEREST RATE CUT WELCOMED BUT MORE NEEDS TO BE DONE
The 1% cut in official interest rates was announced by the Reserve bank today.
“The largest single interest rate cut in 16 years is great news and will deliver a much needed boost to the NSW real estate and property sector,” said REINSW President Steve Martin.
“This cut delivers the type of momentum that we need to underpin one of the key economic drivers of NSW: real estate.
”The second consecutive fall in interest rates will help ease the pressure on investors and will encourage new investors into the market.
“What we now need to see is the NSW Government acting in line with the Reserve Bank and removing key disincentives which stop investors from getting into the property market.
“There is no doubt that low interest rates alone won’t do the job in terms of easing the accommodation crisis in NSW.
“What we also need tandem with interest rate cuts is the removal of unfair state taxes such as stamp duty and land tax which turn investors off the NSW property market,” Mr Martin said.
Please direct media enquiries to Julian Brophy on 0408 276 749.
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