these are worrying times for the country’s real estate market, with the reserve bank of australia predicting further rate hikes in the coming months, say peter detong from town & country real estate.
rising interest rates in australia have sent property prices tumbling in many cities.
with many fearing the slide will continue, buyers are keeping their hands in their pockets and vendors too, are reluctant to sell.
these are worrying times for the country’s real estate market, with the reserve bank of australia (rba) predicting further rate hikes in the coming months, said peter detong from town & country real estate.
in sydney, for instance, higher interest rates have sent prices falling by between 10 and 15 per cent since property values peaked more than a year ago.
with the central bank predicting more interest rates to come, some may be forced to sell them.
it is not clear when the interest rates and the rising cost of living will start to fall, but with the economy on a knife edge and many australians already forced to cut back on their spending, the fear now is of a looming recession, he added.
many australians are suffering the consequences. young families have been the worst hit, and some no longer have a roof over their heads.
one resident said: “a lot of people have paid a lot of money for their houses and now interest rates are going up, they can’t afford to pay it all back because they borrowed too much.”
however, opinion is divided over the severity of the slowdown and where it is heading.
理为德地产的peter童先生说：对于房地产市场来说，这是令人担忧的时期，澳大利亚储备银行预测未来几个月将进一步加息。
澳大利亚不断上升的利率导致许多城市的房地产价格暴跌。
由于许多人担心下滑会继续下去，买家将不会轻易出手，同样业主也不愿意轻易出售。
对于整个房地产市场来说，这是令人担忧的时期，澳大利亚储备银行（RBA）预测未来几个月将进一步加息，理为德地产的Peter童先生说。
例如，在悉尼，自一年多前房地产价值达到顶峰以来，较高的利率导致房价下跌了10%至15%。
随着央行预测利率将更高，一些人可能被迫抛售。
他们补充说，目前尚不清楚利率和生活成本上升何时开始下降，但随着经济处于刀刃上，许多澳洲人已经被迫削减支出，现在的担忧是经济衰退迫在眉睫。
许多澳洲正在遭受后果。年轻的家庭受到的打击最为严重，有些家庭的头上不再有屋顶，么有房屋可住。
一位居民说：“很多人为他们的房子付了很多钱，现在利率正在上升，他们无力偿还，因为他们借了太多钱。
然而，对于经济放缓的严重程度及其走向，有不同意见分歧。