Aussie mortgage holders spared a Christmas 2023 rate rise. Ray Ellis commentary on Elite Agent magazine.
First National Real Estate CEO Ray Ellis said Australian’s confidence had been tested over the past 18 months, with 13 rate rises, and we are now reaching “the tipping point” where household budget can not cope with another rate rise.
“A rate rise now or early in the New Year will negatively impact buyers and investors decisions to purchase and, no doubt landlords, will be forced to pass on these increases to renters,” he said.
“The housing crisis is not going away and consumers still recognise that their only chance to ride these challenging times and maintain the value of their home is to purchase affordable quality and value properties in the right locations with strong transport and surrounding infrastructures.
“In some rental areas we are seeing renters moving back to mum and dad and increased interest in shared accommodation and room rental, which real estate agents have not seen since the early ‘60s.”