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The Reserve Bank of Australia (RBA) decided to lift the cash rate again this month by 50 basis points to 0.85%.<\/p>\n
The rate hike this month follows the surge in inflation reading that hit 5.1% over the first quarter of the year, well above RBA\u2019s expectation.<\/p>\n
Furthermore, the unemployment rate fell to its lowest record since 1974, down to 3.9% in April.<\/p>\n
PropTrack Economist Paul Ryan said more rate increases are expected this year, especially given the higher-than-anticipated inflation.<\/p>\n
\u201cBut just how high interest rates will be at the end of the year is a key source of uncertainty for the housing market,\u201d he said.<\/p>\n
Financial markets are projecting a cash rate two-percentage points higher at the end of the year, which would raise mortgage repayments by another 24%.<\/p>\n
\u201cMajor bank forecasters, however, do not view it likely the RBA will increase rates this quickly, predicting rate rises closer to half that much,\u201d Mr Ryan said.<\/p>\n
More to come\u2026<\/em><\/p>\n<\/p><\/div>\n
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