Will rising interest rates put the brakes on Australia's property mark?

 

The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices. The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.The latest interest rate hike and the risk of another rise in the coming months could slow Australia’s property market rebound, but won’t be enough to halt further price rises, experts say. Tuesday's decision to increase the cash rate to 4.35% comes as a fresh blow to homeowners who have already seen their mortgage repayments skyrocket over the past 18 months. The November rate rise had been widely expected after higher-than-expected inflation in the September quarter gave the RBA little choice other than to increase interest rates in order to get inflation back to its 2-3% target band within a reasonable timeframe.Recent comments from RBA governor Michele Bullock had signalled the bank has a low tolerance for allowing high inflation to linger and risk becoming entrenched.But even though the latest interest rate rise will further reduce home buyers’ borrowing capacities, economists say the impact will be offset by more powerful factors driving the home price surge across the capitals.PropTrack senior economist Eleanor Creagh said record levels of net overseas migration, limited housing stock and a supply pipeline further restricted by the construction slowdown had offset the impacts of interest rate rises, helping push up prices."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."The latest PropTrack Home Price Index shows home prices are up 4.93% already this year.Prices are tipped to rise a further 5% next year, according to NAB, even though the bank has predicted a further rate hike in February."We expect the board to form the view that a single 25 basis point adjustment to rates is not enough to mitigate the risks on inflation," said NAB chief economist Alan Oster.There were signs that price growth was slowing, Mr Oster said, including an increase in listing and auction volumes that could soak up demand, meaning prices wouldn’t rise in 2024 as rapidly as this year."We’re already seeing softness, therefore we’re not expecting the current surge to continue," he said.AMP Capital chief economist Shane Oliver said the latest interest rate rise would reduce borrowing capacities by about 2%, and the risk of another hike would keep buyer demand subdued, further slowing price growth."This will accentuate that slowing in price growth that we have seen and runs the risk that prices will turn negative again," he said."We’ve seen auction clearance rates slowing down, which suggests that still high interest rates have started to get the upper hand again over the huge supply shortfall we have on the back of booming immigration," he said."Historically when [clearance rates] fall below 60%, it's associated with falling prices.