The RBA moved again this month. Quarter point, same as before. My repayment moved with it, obediently, the way it always does.
Nothing else did, really. Prices haven't cracked. Rental demand hasn't eased. If anything the open homes got busier, which isn't the story rate hikes are supposed to tell.
I think what's happening is simple enough once you sit with it. Rates control what buyers can borrow. They don't control how many people need somewhere to live. Brisbane has more of the second problem than the first right now, and that gap is doing more to the market than the cash rate is.
Doesn't mean it stays this way forever. Just means forever hasn't arrived yet.