Interest rates on hold

Real Estate Institute of South Australia President, Mark Sanderson, welcomed the announcement and said homeowners would be relieved.
 
“Homeowners were asked to prepare for the worst at the beginning of the year, but revised inflation targets have meant they can breathe easier for the moment,” he said.
 
“The official cash interest rate is currently 6.25% which is the highest it has been in seven years. We don’t need to surpass that anytime soon.”
 
Mr Sanderson said the Institute was hoping for some property taxation relief in tomorrow’s State Budget.
 
“Stamp duty in particular is a big hindrance to people purchasing new homes and first homebuyers need more meaningful concessions.”
"SA’s first homebuyers are much worse off than their interstate counterparts when it comes to first homebuyer concessions.”
 
“It is time we saw some changes to concessions so that they reflect the current market.”

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Marc Pallisco

Marc Pallisco

A freelance property writer and analyst, Marc is a co-founder of realestatesource.com.au.

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