It is a change from this time last year when booming prices and ultra-low interest rates created a different set of headaches.
Property price falls to date pale in comparison to rapidly rising mortgage rates when it comes to measuring housing affordability – and some locations are tougher than others.
How high will interest rates go? Economist forecasts vary,but mortgage brokers are advising clients to look at a different number when they work out their budgets.
Although homeowners who fixed their mortgage rate at rock-bottom levels will face higher costs soon,new modelling shows how much they have saved.
A typical couple working full-time can spend $260,000 less at auction than five months ago – and the declines aren’t over yet.
First home owners who bought property at rock-bottom interest rates were assured rates would stay on hold until 2024,but now face a jump in their repayments as the cash rate lifts earlier than planned.
The crisis in the property sector is one of China’s own making and it is getting deeper,sparking contagion fears for the rest of the economy.
The new home buyers say they,like many,will have to cut back their spending on dining out and other discretionary expenses if rates continue to rise.
First-time buyers who manage to scrape enough of a deposit together to get into the pricey property market are being warned to do their sums with care.
Property prices have stopped rising in Sydney and Melbourne but first-home hopefuls keen to get into the market are being warned to watch out for a trap.
Interest rates could be going up two months from now,but some buyers are taking on as much debt as possible to try to get onto the ever-elusive property ladder.