Rate rises are having a big impact on the property market.
Many now face the prospect of bigger repayments than what the banks determined they could afford before the recent rate increases. The increase was most apparent in NSW and Queensland, where distressed listings jumped a respective 7.8 per cent and 7.5 per cent over October. The increase nationally was 5.7 per cent.SQM Research director Louis Christopher said more distressed sales may indicate “the rising interest rate environment is starting to bite”.
ME Bank chief economist Peter Munckton said it was likely prices would continue to fall until the RBA was finished with its current round of rate rises.
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