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A 25-year-old man purchased a two-story house with a beautiful garden for over $300,000 referring to the early 1990s. Key points: Parts of Queensland saw property prices rise in July, contrary to national trends The Regional Australia Institute says housing affordability will keep much of Queensland more insulated from falling property prices than the city The Gold Coast and Sunshine Coast markets are the exception, registering accelerated declines in recent months But in outback Queensland towns like Longreach, it’s the norm. The Reserve Bank of Australia yesterday raised interest rates for the fourth month in a row, but Longreach resident Ben Galea said he was not stressed. “When it came time for my fixed rate to change … I didn’t have to change my lifestyle,” Galea said. “It’s a great city. It’s bustling. There’s a lot of young people here. There’s a lot to do, a lot of sports. It’s brilliant. “There are things we don’t have here. It takes money to fly back to shore. You don’t see f

“The sector as a whole has a large liquidity buffer, most households have substantial equity in their housing assets, and lending standards have in recent years been more cautious and have built a larger buffer for rate hikes,” he said this week. Bullock explains that “many borrowers have made payments well above what was requested”, with much of the mortgage debt held by wealthy households. The RBA also takes comfort in the fact that “those with very low fixed-rate loans have time to prepare themselves for higher interest rates”. Hammered household I will reiterate that as droves of unwitting borrowers have been embarrassed by the RBA’s public commitment not to raise rates until 2024 (at the earliest) noticed that their mortgage payments will more than double in the next year or two, thanks to what that would soon be at least a 1.75 percentage point rate hike in just three months. In 2020 and 2021, the RBA relentlessly advised families and businesses to borrow as much as possible bas

However, the prospect of what happens after that is troubling. The higher costs will eat into my monthly savings buffer, either delaying my retirement or meaning I retire with less. At some point, it also meant that I had to reduce my standard of living – a position many borrowers have experienced recently. The degree of fear of what is to come is, in fact, the emotional response Lowe expects to elicit in borrowers. But Lowe doesn’t just want us to wallow in fear. He also wants us to take action, reduce non-discretionary spending and tighten our belts as best we can. Collectively, these actions will remove demand from the economy, which will help to curb price pressures. So, here are five things you can do today to help you navigate what’s to come. Remind yourself that it could be worse The good news is that interest rates are only rising because of the underlying forces of our economy. Unemployment is at its lowest in nearly half a century and, as long as you keep your job, you hav

Central banks in New Zealand and Korea have pushed ahead with further super-sized rate hikes as they seek to tame rampant inflation. Key points: Both the RBNZ and the Bank of Korea have raised interest rates by another 50 basis points New Zealand’s benchmark interest rate is now 2.5 percent and Korea’s 2.25 percent Many economists now expect that many central banks will halt rate hikes by the end of the year Both have been at the forefront of global central bank moves to dampen inflation, lifting interest rates from pandemic lows in the second half of 2021, months ahead of most other central banks, including the Reserve Bank of Australia (RBA), which was the first to move. enter. Possible. The Reserve Bank of New Zealand (RBNZ) increased its benchmark overnight cash rate target from 2 to 2.5 percent today, while the Bank of Korea (BoK) also raised interest rates by 50 basis points this morning to 2.25 percent. It is the third consecutive meeting that New Zealand’s central bank has rai