Analysts at three of the big four banks are now forecasting the Reserve Bank will lift official interest rates for the first time in more than a decade on Tuesday
If the Reserve Bank lifts official interest rates for the first time in more than a decade on Tuesday, as is widely expected, property prices will almost certainly take a hit, particularly if it is the start of a sustained period of higher mortgage interest rates.
Markets believe the RBA will likely increase the cash rate from 0.1 per cent to 0.25 per cent, with further rate rises to come. Louis Christopher, founder of SQM Research, believes rate rises continuing through the second half of this year and into next year would be a “pretty big negative” for the property market.
Andrew Wilson, chief economist at My Housing Market, expects property prices in the two major capital cities to fall a “couple of per cent” this year, after already moderating from their boom peak of the past two years.
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