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A surge in housing prices is adding to pressure.<\/p>\n
One of Australia\u2019s four biggest banks has issued a bombshell, warning homebuyers and owners hoping for more mortgage relief of no more rate cuts \u201cfrom here\u201d.<\/p>\n
The warning comes as the ANZ Bank issued its latest Macro summary on Friday flagging a possible impact on its forecast November rate cut \u2013 and all of those going forward.<\/p>\n
This as the country saw \u201csolid GDP growth of 0.6 per cent quarter on quarter despite no growth in public demand in Q2\u201d.<\/p>\n
MORE: \u2018Act now\u2019: Bank warning amid horror surge<\/a><\/p>\n Broke to $20m: 32yo\u2019s powerful message for struggling Aussies<\/a><\/p>\n ANZ has flagged momentum underway that could put further rate cuts on the backburner for the current cycle. Picture: NewsWire \/ Damian Shaw<\/p>\n That signals \u201cthe private sector recovery is underway\u201d, ANZ said, something the Reserve Bank will likely take to heart along with the fact that the effects of several rate cuts are yet to be felt, and house and rental prices are at record highs.<\/p>\n \u201cWe still think a rate cut in November is more likely than not; but the GDP figure increases the chances of there being no rate cut in November or, indeed, at all, from here,\u201d the ANZ report said. <\/p>\n \u201cIf evidence of consumer spending momentum continues and weakness does not emerge in the CPI or labour market data, the RBA may assess the cash rate as broadly neutral with no further cuts needed.\u201d<\/p>\n \u201cRising housing prices could add to consumer momentum, with capital city housing prices up 0.8pc m\/m in August, the largest monthly increase since May 2024.\u201d<\/p>\n MORE: Home prices rise a shock $86,000 in one year<\/a><\/p>\n Townsville tops nation: Home prices surge 17.6pc in 12 months<\/a><\/p>\n The private sector recovery is underway. Source: ANZ Bank<\/p>\n MORE: Cairns home prices surge 9.8pc, outpacing Brisbane<\/a><\/p>\n<\/p>\n
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