{"id":3475,"date":"2023-05-08T10:00:00","date_gmt":"2023-05-08T00:00:00","guid":{"rendered":"https:\/\/theonsitemanager.com.au\/news\/?p=3475"},"modified":"2023-05-10T13:30:27","modified_gmt":"2023-05-10T03:30:27","slug":"interest-rate-hike-whiplash-for-mortgage-holders-says-reiq","status":"publish","type":"post","link":"https:\/\/www.theonsitemanager.com.au\/news\/interest-rate-hike-whiplash-for-mortgage-holders-says-reiq\/","title":{"rendered":"Interest Rate Hike Whiplash For Mortgage Holders, Says REIQ"},"content":{"rendered":"\n

The REIQ says last month\u2019s pause in interest rate hikes has proven to be a short-lived relief for mortgage holders, as the RBA has today hiked the cash rate by 25 basis points to 3.85% \u2013 the highest level since April 2012.<\/strong><\/p>\n\n\n\n

REIQ COO Dean Milton said the RBA\u2019s decision to forge ahead with its aggressive tightening cycle would weigh heavily on homeowners and investors.<\/p>\n\n\n\n

\u201cWe have seen regulatory chaos from State and Federal Governments, and whiplashing back to another interest rate rise only adds to this pain,\u201d Mr Milton said.<\/p>\n\n\n\n

\u201cThere\u2019s barely been time for the market to absorb the lagged impact of the previous 10 consecutive rises and reassess the approach based on this.<\/p>\n\n\n\n

\u201cEqually, it\u2019s difficult to see how would-be buyers can catch a break when their borrowing capacity has been on such unsteady footing.\u201d<\/p>\n\n\n\n

Mr Milton said economic conditions were already stifling future supply and pushing the dream of home ownership further out of reach for many.<\/p>\n\n\n\n

\u201cBuilding approvals for houses are down which will have impacts on short-to-medium term supply, and lending statistics are also showing buyer activity is continuing on a downward trend,\u201d he said.<\/p>\n\n\n\n

\u201cInflation in Queensland is being driven by inelastic goods and services such as electricity up 32.5% and health up 6% for the quarter, which interest rates do nothing to quell.<\/p>\n\n\n\n

\u201cIt\u2019s time for state, federal and local governments to do their part in fighting inflation.<\/p>\n\n\n\n

\u201cFiscal policy needs to match monetary policy, and what we need now is action to remove impediments to new housing supply, investment in social housing, and a focus on overall spending to ensure it does not lead to further increases in inflation.\u201d<\/p>\n\n\n\n

On another note, he said the recent recommendations from the RBA review were welcomed by the REIQ.<\/p>\n\n\n\n

\u201cWe welcome the refresh of the RBA which brings it in to line with other major central banks around the world \u2013 more transparency is always welcome,\u201d he said.<\/p>\n\n\n\n

This article was contributed by REIQ.<\/p>\n\n\n\n

You can find more information at: https:\/\/www.reiq.com\/<\/a><\/p>\n\n\n\n

Original article source: https:\/\/www.reiq.com\/articles\/interest-rate-hike-whiplash-for-mortgage-holders-says-reiq\/<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

The REIQ says last month\u2019s pause in interest rate hikes has proven to be a short-lived relief for mortgage holders, as the RBA has today…<\/p>\n","protected":false},"author":1279,"featured_media":3476,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_exactmetrics_skip_tracking":false,"_exactmetrics_sitenote_active":false,"_exactmetrics_sitenote_note":"","_exactmetrics_sitenote_category":0,"_mbp_gutenberg_autopost":false,"footnotes":""},"categories":[3,7,29,53],"tags":[],"class_list":["post-3475","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-accounting-and-finance","category-general-interest","category-real-estate","category-reiq"],"_links":{"self":[{"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/3475","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/users\/1279"}],"replies":[{"embeddable":true,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/comments?post=3475"}],"version-history":[{"count":2,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/3475\/revisions"}],"predecessor-version":[{"id":3479,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/posts\/3475\/revisions\/3479"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media\/3476"}],"wp:attachment":[{"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/media?parent=3475"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/categories?post=3475"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.theonsitemanager.com.au\/news\/wp-json\/wp\/v2\/tags?post=3475"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}