A young Melbourne couple has been lampooned on the internet for their “impulsive” purchase of a $1.5m East Brunswick terrace house at an auction.
Property website Domain published a story Saturday about the young buyers of 110 Barkley St, which sold under the hammer after the pair outbid another bidder by only $500. Darcy and Tessa, who declined to provide their last names, eventually paid $1,500,500 for the late couple’s estate, which went into an auction with an estimated value between $1.3 and $1.43 million.
A 50-basis-point hike in the Augusts Central Bank meeting brought the official cash rate up to 1.85 per cent, compared to a historic low of 0.1 per cent that was held through May.
Already, rising interest rates are driving home prices lower in most major cities, with borrowers looking down the barrel at higher monthly payments.