FinanceABC (Australian Broadcasting…Australia's housing market obsession is fuelled by necessity
Australia's obsession with property prices comes down to a concentrated banking sector and an RBA that moves variable rates frequently, leaving millions of mortgage holders exposed to constant…
Why are Australians obsessed with property? Because we have to be. And there are big reasons why it's always on our minds.
RBA chief economist Sarah Hunter, originally from the UK, said Australia's intense focus on housing and auction clearance rates was unlike anything she had seen before moving here.
Millions of Australian mortgage holders face frequent and disruptive budget changes with every RBA rate move, a situation less common in countries where long-term fixed rates are the norm.
Because most Australian home loans are variable rate, each RBA decision can shift household budgets by hundreds of dollars a month, which is far less common in countries that offer long-term fixed…
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