REISA President Mark Sanderson said it was important that interest rates remained steady for the next few months and through to the end of summer.
“While South Australia’s property market is going strong at the moment, the drought and other economic factors are slowly having an impact on people’s hip pockets and interest rates do not need to exacerbate this further,” he said.
“The previous interest rate rises have been effective in curbing consumer spending so there is no need for the Reserve Bank to go any further northwards.”
Mr Sanderson said the local housing market had survived the August interest rate rise with flying colours.
“Confidence is high in SA real estate circles among buyers and vendors but there is still no need to alter this balance by raising interest rates.”
REISA will this weekend release official statistics for the October quarter and Mr Sanderson said that he expected them to be positive.
“The past few months have been stronger than any other winter and early spring in memory, so we are expecting the October results to be solid for real estate right around South Australia.”