Interest rates are predicted to peak lower and pause earlier than originally expected. A cash rate of around 3.6 per cent is where most expectations are now sitting. Some reputable experts believe we will only get to 3.1 per cent, which means we’ve got one more rate rise to go. Hopefully, for home owners and potential buyers, this ends up being true and for NSW first home buyers, there’s more good news. First home buyers can now opt to pay an annual property tax instead of upfront stamp duty, as the NSW Government legislated the First Home Buyer Choice scheme this week.

Home loan variable interest rates are rising on Tuesday next week and fixed rates, which are already sky-high went even higher last week with some of the banks. These interest rate rises alone are impacting how much we can borrow. If this global supply shortage problem normalises sooner than later and these Federal and State government first home owner initiatives are effective, will our residential property market price correction, slow down?