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REINSW WELCOMES INTEREST RATE CUT AND CALLS ON LENDERS TO FOLLOW SUIT
The 0.25% cut in official interest rates was announced by the Reserve Bank late today.
“The first cut in official interest rates in almost 7 years is terrific news for the NSW real estate and property sector," said REINSW President Steve Martin.
“Today’s easing of monetary policy is the first step in terms of getting momentum back into the New South Wales property market.
”Of course it is now up to the banks and mortgage brokers to pass on the interest rate cut to home owners and property investors who are bearing the high cost of borrowings.
“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 start to see interest rates come down, 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," Mr Martin said.
Please direct media enquiries to Julian Brophy on 0408 276 749.
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