/ 12 June 2024

Hot property a hot potato

house

Mortgage holders are feeling anxious ahead of next week’s interest rate decision by the Reserve Bank board, as ANZ – Oz’s 4th biggest bank – pushed back its prediction for a rate cut to February 2025. Last month, the RBA left the current rate on hold at a 12-year high of 4.35%. The other big 3 banks – Commonwealth Bank, NAB and Westpac – still reckon a rate cut could happen in November. It comes as the Bureau of Stats revealed yesterday our property market is hotter than ever, with the combined worth of Aussie homes hitting $10.72 trillion. That figure rose by $209.4 billion in the first 3 months of this year despite the cost of living crisis. Mean home prices also increased by $14,300 to $959,300 in the March quarter, with NSW still the most expensive at an average price of $1.2 million. But amid all the number crunching, Federal Treasurer Jim Chalmers says he’s piloting the economy to “a soft landing”, which he’ll explain further today

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