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AUSTRALIAN RATE HIKE PUNISHES HOME BUYERS, SAYS REIA.
SYDNEY, March 2 Asia Pulse - The Real Estate Institute of Australia (REIA) said today's interest rate hike was not good news for home buyers, and punished those who were trying to get ahead.
REIA president Ian Wells said it was disappointing that the Reserve Bank had chosen to raise interest rates at a time when the housing market had softened.
"The signs are clear across the country - housing price growth, sales volume and demand have slowed," he said.
"In some cities, prices are flat."
Mr Wells said just when things were getting a little easier for first home buyers, today's rate hike would be a setback for sometime.
"For the past two quarters, home loan affordability has marginally improved," he said.
"We have also seen an improvement in the numbers of first home buyers seeking housing finance.
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Source: HighBeam Research, AUSTRALIAN RATE HIKE PUNISHES HOME BUYERS, SAYS REIA.