A big warning as house prices surge
The International Monetary Fund (IMF) has poked its formidable nose into the Aussie interest rate debate… It says it should go up to assist with getting a handle on inflation. The IMF’s call comes as the Reserve Bank mulls whether to hike the 4.1% cash rate at its meeting next Tuesday. The major banks reckon it will – especially after inflation for July-September came in higher than expected at 5.4%. The IMF is worried that stubborn inflation + low unemployment + high house prices are signs the economy is running a bit too hot. And new data from CoreLogic backs that up – home values across the country are on track to hit a record high with a 7.6% rise in prices since January. Sydney, Perth and Brissie are all especially tough spots to grab a bargain – prices in those cities are up more than 10% this year.
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