Jessica Darnbrough
Additional rate hikes will have a negative impact on broker business volumes, one industry commentator has claimed.
RP Data’s Tim Lawless said any additional hikes will inevitably stop home buyers from jumping on the property ladder.
“Australians are very sensitive to rates, especially at the moment, so any upwards movement won’t be viewed favourably by potential buyers,” Mr Lawless told The Adviser.
Mr Lawless said Australians are currently focused on saving and drilling down their debt rather than making high pressure purchasing decisions such as buying a home.
“Australians are drilling down debt at a rate we haven’t seen since 1986,” Mr Lawless said.
“And, if rates go up, this trend will only continue, which means there will be less people in the market for a property.”
