The latest announcement by the RBA has not come as a surprise to many, with the majority of economists predicting another rate hike for February. This move is aimed at reigning in inflation and is expected to lead to further increases in interest rates in the months ahead.
As a result of this latest rate hike, homeowners with mortgages can expect to see an increase in their monthly repayments. Borrowers in the capital cities are likely to see the largest increases, with those in Sydney and Melbourne expected to pay an extra $156 and $116, respectively, based on a loan for a median-priced house. Homeowners in regional Australia are also set to be affected, with the monthly repayments for the median-priced house expected to rise by $77.
Despite these increases, major real estate groups do not see any significant changes to property buying and selling, with strong numbers of home inspections reported throughout January. This is partly due to a shortage of available properties and a slowdown in the pace of decline in property prices.
At Golden Bell Properties, we understand the impact that rate hikes can have on homeowners. Our team of experts is here to provide advice and support to ensure that our clients make informed decisions when it comes to buying, selling, or refinancing their properties. Whether you’re a first-time homebuyer, an experienced investor, or looking to refinance, we have the knowledge and expertise to help you navigate the current real estate market.
In conclusion, while the latest RBA rate hike may put more pressure on homeowners with mortgages, it is unlikely to significantly impact the real estate market. As always, Golden Bell Properties is here to provide expert advice and support to our clients, helping them to make informed decisions and achieve their property goals.
