Every suburb listed: How much more you’ll be paying in mortgage repayments each month
Tuesday’s interest rate hike is set to hit SA households hard. Find out who will be the hardest hit and how much more you’ll be paying each month in repayments
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Tuesday’s interest rate hike is set to hit South Australian households hard, with new PropTrack data revealing how much more they’ll be forking out per week in mortgage repayments.
Malvern residents face the stiffest hike, with monthly repayments on a $2.25m median-priced home jumping $290 from $10,790 to $11,080.
St Peters homeowners weren’t too far behind, with monthly repayments jumping by $250 a month, while Kensingtons Gardens, Unley, Beaumont and Glenunga mortgage holders all face monthly increases of $200 or more.
Even at the most affordable end of the spectrum, mortgage holders in Solomontown, near Port Pirie, will need to find an extra $20 per month to keep a roof over their head.
LJ Hooker SA and WA state manager Bill Dimou said he felt for SA families who would feel the pinch.
“A lot of SA families are doing it tough, and have been watching their finances for a while now, especially with the cost of living always increasing,” he said.
“Interest rate increases can have a profound impact on families, and I’d encourage people to do whatever they can to stay on top of their family budgets, particularly in the lead up to Christmas when spending increases.
“The good news here is that it interest rate hikes are tipped to pause in the new year as inflation stabilises.
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According to the data, Unley is the hardest hit council, with the average monthly repayments on a $1.43m median home increasing by $192.58 to $7,757.59.
PropTrack Senior Economist Eleanor Creagh said while rising interest rates impacted households, it would likely not prevent home value growth.
“Record levels of net overseas migration, a challenged rental market, limited housing stock and a slowdown in the completion of new builds are offsetting the impacts of substantial rate rises and the slowing economy, with home prices continuing to lift,” she said.
“This additional increase in interest rates may slow the current pace of home price growth but is unlikely to deter these gains, with strong population growth, tight rental markets and a housing shortfall fuelling further price rises.”
Rethink Investing managing director Scott O’Neill said interest rates, while negative for homeowners, posed an opportunity for those entering the market.
“This hike could push some investors, first-time buyers and families to the brink, potentially prompting them to sell before Christmas,” he said.
“The silver lining here is that if this creates economic distress, it could accelerate the case for reduced rates in the future.
“However, I firmly believe that this will not significantly deter the majority of active investors. Many investors I interact with, in fact, are hoping for a rate hike as they expect it to generate more favourable buying conditions.”
* Story produced in partnership with PropTrack
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