The Reserve Bank of Australia's decision to leave interest rates unchanged disappointed the Real Estate Institute of Australia (REIA). The REIA president said a rate cut was warranted given low inflation and would have encouraged more first home buyers by making mortgage repayments more affordable and stimulating the lower end of the property market. While a small improvement in housing affordability was seen, the REIA wants to see greater changes over consecutive quarters and believes lower rates are needed to reduce the proportion of income Australians spend on loan repayments.