So why risk another lift, particularly at a time when the economy has begun to decelerate and perhaps even stall?
Given the evidence of a sharp economic slowdown, with weaker retail sales, building approvals, business investment and rising unemployment, neither of these events would warrant ratcheting up the pain with yet another rate hike.Sydney was the first to turn. In the nation's biggest city, property prices hit their nadir in January, before eking out some minor gains in February, which many thought was an aberration after the punishing falls in 2022.
Rents, meanwhile, have soared this year to record levels in all capital cities for the first time since 2009 with apartments leading the way. According to the governor, rents are expected to rise 10 per cent this year. At the moment, more than 1,000 people are entering the country every single day. They're arriving at a time when there isn't enough housing to accommodate those already here. And we are certainly not completing anywhere near the necessary 300 to 500 new residences a day.Add in a crisis with construction firms going belly up at the fastest rate in years and forecasts for housing finance dropping away at an alarming clip, and the supply situation appears likely to further deteriorate.
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