Today I want to look at a range of recent data to highlight just how broken our housing market is. I regularly talk about how high prices are relative to income and how households are under financial pressure, but there are other forces to consider too.
For example, we got updated data from the RBA yesterday on indicative mortgage lending rates, and despite the ongoing debate about if and when the RBA may lift the cash rates, the market is already reacting with higher mortgage rates. Note these are indicative rates, but the trend is clear.
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– Based on my memory A LOT OF mortgages should have gone throught the “Big Reset”. I.e. the reset from “Interest Only” to “Principal & Interest” made the headlines some 2 to 3 years ago. As a result that “Reset” should have been completed last year ? this year ?
– Did this have a major impact on the amount of (mortgage) stress ? Perhaps you can answer that in a/the next video ?