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Samuel Seeff, Chairman of Seeff Property Services, comments on the Monetary Policy Committee’s announcement on the interest rate today
Jul 23, 2010

“This was largely to be expected. While we would have enjoyed a further reduction in the interest rate, the most important aspect for the real estate sector is the question of stability. The element of reducing rates and then having to put them up again in a short while is more unfavourable than rather leaving them unchanged at present. If the Reserve Bank and the Monetary Policy Committee’sfocus is to ensure stability within the marketplace, then we welcome this particular news. We certainly don’t wish to see rates rising! Stability is the key to long-term confidence in the market and allowing purchasers to invest with confidence. We view a stable interest rate as absolutely significant to that.”