Another organisation calls for December rate cut

The Real Estate Institute of Australia (REIA) has urged the Reserve Bank of Australia to reduce interest rates in December in order to kick-start the nation's struggling property sector.

President of the organisation Pamela Bennett spoke out after figures released by the Australian Bureau of Statistics showed a modest rise in home loan uptake in September.

She feels the RBA made a mistake by not lowering the cash rate at the start of the month.

"Inflation is within the RBA's target zone so I certainly hope they act in the interest of homeowners and reduce rates in December," Ms Bennett remarked.

The REIA is certainly not the only body to bemoan the central bank's reluctance to lower the cash rate from its current level of 3.25 per cent.

Members of the Housing Industry Association have been stressing for a long time that Aussies need more incentives to take out a mortgage, while Master Builders Australia has also implored the RBA to take further action before the end of 2012.

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