The Real Estate Institute of Australia (REIA) has backed the decision to hold rates for another month by the Reserve Bank of Australia (RBA).
REIA acting president Pamela Bennett said that the respite offered to home buyers by the holding of rates is good news for both the public and the economy in general, as it will provide further breathing space for Aussies to get their finances in order.
She commented: "The RBA has assessed that inflation is within its target zone which is a relief for home buyers."
However, improved affordability should be the aim of the government and sector at large and this can only be achieved by lower rates for borrowing.
Elsewhere, a recent report by the REIA showed that housing finance figures rose by 0.1 per cent in May 2011 - marking the first time an increase in this sector has been seen for more than six months.
Ms Bennett noted that first-time buyers have been the hardest affected by rate rises over recent months.
Posted by Ravin Chatlani
REIA acting president Pamela Bennett said that the respite offered to home buyers by the holding of rates is good news for both the public and the economy in general, as it will provide further breathing space for Aussies to get their finances in order.
She commented: "The RBA has assessed that inflation is within its target zone which is a relief for home buyers."
However, improved affordability should be the aim of the government and sector at large and this can only be achieved by lower rates for borrowing.
Elsewhere, a recent report by the REIA showed that housing finance figures rose by 0.1 per cent in May 2011 - marking the first time an increase in this sector has been seen for more than six months.
Ms Bennett noted that first-time buyers have been the hardest affected by rate rises over recent months.
Posted by Ravin Chatlani
