Deepest house price falls on record won’t make property more affordable: experts
- melbournepropertyh
- Jan 12, 2023
- 1 min read
The deepest housing downturn on record is unlikely to make the property market more affordable over the next 12 months because mortgage repayments are rising so fast, experts warn.
The rising cash rate will reduce buyers’ borrowing power more deeply than house prices fall, economists predict, leaving many still unable to get into the market because of rising repayments.
Many recent home buyers will also be hit with a jump in their repayments once their ultra-low fixed-term deals roll off this year.
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