RBA rate hikes add to pressure on Australian homeowners
Tightening is main factor behind biggest drop in house prices since Great Depression, says economist
Jonathan Kearns is not optimistic about the trajectory of house prices in Australia. The chief economist at Sydney-based investment management company Challenger, who spent more than 25 years at the Reserve Bank of Australia, says house prices in the country are undergoing “probably the fastest rate of decline since the Great Depression”. Nor does he see the situation changing any time soon: “It’s hard to see where the bottom actually is.”
With the RBA raising its cash rate by 25 basis points to
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