Australia’s low unemployment rate is a key factor in putting a floor under property prices, experts say, but that could be at risk if interest rates rise too high, too fast. | TawarRazaghi propertyprices realestate
But the unemployment rate, and the housing downturn, could be impacted if interest rates move too high, too fast.Australia’s low unemployment rate is a key factor in putting a floor under property prices, experts say, but that could be at risk if interest rates rise too high, too fast.as the first two rate hikes started to bite into household budgets with another expected on Tuesday afternoon when the Reserve Bank announces its next cash rate move.
“With a jobs market this tight, it’s pretty rare to see households enter into mortgage arrears despite rate increases and high inflation,” Lawless said. Credit ratings agency Moody’s expects delinquency rates to increase moderately for the remainder of 2022 because of rising inflation, higher interest rates and worsening housing market conditions.
“The flow of our money that has gone into mortgage offset accounts and principal repayments is at its highest level at the moment over the past five quarters in comparison to the past 10 years,” Mardiasmo said. “We probably can handle all the way up to 2 or 2.5 if you stretch but if you go anywhere above 3 that’s when you would see distressed listings growing.”
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