Media release - 1 May, 2012

Rate relief to boost property industry, says Raine & Horne

Angus Raine, CEO of Raine & Horne says he is pleased that the Reserve Bank has taken the decision this afternoon to cut the official cash rate by 50 basis points, to 3.75%.

“The move by the RBA to cut rates is like a much needed defibrillator for Australian real estate, and it will have the pulse of the property market beating faster,” says Mr Raine.

“This will prove a significant boost to entry level markets in our capital cities and regional towns, and will help to assist more first timers, carrying the weight of rising rents, into a family home.

“It’s also fair to expect lower interest rates will tip investors who have been sitting on the fence to take the plunge into a real estate asset,” added Mr Raine.

In the wake of the rate cut, Mr Raine is urging the banks, building societies and credit unions to do their bit for the housing market, and pass on the rate cut in full to encourage buyers back into property.

“If a lender doesn’t pass on the full rate cut, homeowners should consider shopping around for the most suitable mortgage.”

-ENDS-

For further media information contact:

Angus Raine, CEO Raine & Horne on (02) 9258 5422 or 0409 920 697

Andrew Harrington, National Marketing & Communications Co-ordinator on 02 9258 5400