API applauds reduction in official interest rates

API applauds reduction in official interest rates

The Australian Property Institute (API) Queensland today applauded the reduction in official interest rates.

API Queensland State President, Philip Willington said that previous increases in official interest rates, in conjunction with weak economic conditions throughout most areas of Queensland, has led to a reduction in first home buyer activity and softening of property prices.

“Lower interest rates combined with the $10,000 Queensland Government grant for new housing may improve affordability in this sector of the market and there is little doubt this joint stimuli will have a positive impact on construction activity and the Queensland economy.”

“Large areas of the Queensland are still suffering from last summer’s devastating floods and Cyclone Yazi. An improvement in confidence amongst buyers as a result of the reduction in interest rates is very positive news for first home buyers and will also greatly assist existing owners,” Mr Willington concluded.

The Australian Property Institute represents approximately 8,600 property professionals throughout Australia and overseas. API members include residential, commercial and plant and machinery valuers, property advisers, property analysts and fund managers, property lawyers, and property researchers and academics.