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Suburban homeowners under increasing pressure from rate rises
An aerial view of houses at Glen Iris in Melbourne. (AAP Image/Diego Fedele) Source: AAP / DIEGO FEDELE/AAPIMAGE
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Banks are predicting at least one or two more rate increases as the Reserve Bank of Australia ((RBA)) continues its efforts to mitigate inflation. In some outer fringe suburbs where property supply is rising and house prices are falling, this could lead to substantial financial difficulty for homeowners. There is concern this could cause an increase in the rate of forced sales in these areas.
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