A select few property experts have been constantly predicting how property prices could drop for the next few years consistently after 2 consecutive interest rate hikes in the last few months by the RBA.
Australians who recently bought a house have a mortgage that must be repaid with interest. We all know that there was an increase in interest rates in May 2022. The Reserve Bank could soon raise interest rates to lower inflation. It is very difficult to control inflation once it has established itself. Economists worry that rising interest rates could make housing more expensive and reduce buyer demand, which will in turn lead to lower prices.
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