REISA Are hoping For Further Interest Rate Cuts To Attract Buyers

South Australia property pundits say a change in interest rates later this year could stimulate the housing market and encourage more people to start buying houses.

The Real Estate Institute of South Australia (REISA) said it was not surprised that the Reserve Bank of Australia did not initiate further cuts to the official interest rates after cuts in May and June.

However, a further cut may be the stimulation the industry needs to attract buyers back to the real estate market, REISA president Greg Moulton said.

"For the owner-occupier and the investor, interest rates are one of the first considerations when buying, so the economic climate needs to be right and a cut to the cash rate will be important to create that climate."

He commented on the general market and said that there are a few more properties on the market than last year but the number of house sales is slightly up on a year ago.

Maintaining a good relationship between a real estate agent and the vendor is even more vital at the moment.

Despite the housing market being a challenging place in the current climate, properties are still attracting interest and selling, he said.