Industry associations yesterday welcomed the Reserve Bank’s decision to reduce interest rates by 0.25 per cent.
Phil Naylor , CEO of the MFAA, said it was “very encouraging news for borrowers”.
Real Estate Institute of Australia (REIA) president Noel Dyett said it was welcome news for existing and potential home buyers considering affordability had fallen to an all time low.
REIA/Deposit Power data this week showed a record 39.8 per cent of median family income was required to meet loan repayments during the June quarter.
“It is hoped today’s announcement will give renewed confidence in the housing market, as potential home owners take advantage of better market conditions,” he said.
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