Market Essentials - August 2022

The RBA increased interest rates again this week as inflation rose to 6.1 per cent; the fastest pace in more than two decades. Meanwhile, Treasurer, Jim Chalmers, has warned us to ‘brace for pain to escape recession’ later this year.

Despite the gloomy economic forecast, there were mixed messages in the property market last month, with auction clearance rates falling below 60 per cent for the seventh straight week but prestige properties going gangbusters.