Rate rise ‘needed’ to cool housing market

Faced with this sharp deterioration in housing affordability, a survey by financial comparison website Canstar found 29 per cent of Australians think lenders should increase their interest rates to cool the property market. For a residential borrower with a $500,000 loan on the average variable rate, a 0.25 per cent rate rise would see their monthly repayments increase by $68 to $2206. “The trend of lenders increasing fixed interest rates for terms greater than 12 months is also suggesting a higher cash rate some time in 2023,” Mr Mickenbecker said.

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