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REINSW welcomes interest rate cut and calls on lenders to follow suit
The latest data released by the REINSW for February 2009 shows the overall percentage of available properties in the Hunter fell 0.3% to 1.7%.
The 0.25% cut in official interest rates, down to 3.0 percent, was announced by the Reserve Bank late today.
“This latest cut in official interest rates is terrific news for the NSW real estate and property sector,” said REINSW President Steve Martin.
“The Reserve Bank‘s action today will help reinforce the NSW property market by encouraging both investors and first home buyers.
”Of course it is now up to the banks and mortgage brokers to pass on the benefits of today’s interest rate cut and the REINSW strongly encourages them to do so.
“In NSW we continue to suffer from the effects of the rental accommodation crisis so any step which eases pressure on investors and encourages new investors into the market, is a good thing for the state.
“The bottom line is that interest rates are only one part of the jigsaw and many disincentives remain in the market place such as the onerous tax regime imposed by the NSW Government on property investors.
“As we see continued falls in official interest rates, it would be good to see some action from the State Government in terms of stamp duty and land tax which have largely contributed to the current rental accommodation crisis in NSW,” said Mr Martin.
Please direct media inquiries to Julian Brophy on 0408 276 749.
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