May the 4th and the RBA have increased rates by .25%. Not only is the increases puting pressure on current mortgages, it is also making it harder for people to get into the market. With most lenders now measuring on an 8% or greater mortgage rate it is getting harder and harder to convince the banks to lend people money, the biggest fear I think is that the economy in Australia can stall again.
In Queensland the Real Estate market is slowing and showing no signs of improving in the next couple of months.
It is not all dome and gloom if you can save, save as much as you can and get a healthy deposit behind you factor in more increases and you should be okay, but i think the road could be a little bumpy