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PRD Whitsunday  →  News  →  WATCH: 10 June , 2022 Whitsunday Weekly E-News

WATCH: 10 June , 2022 Whitsunday Weekly E-News

WATCH: 10 June , 2022 Whitsunday Weekly E-News

Hi, Annette Neil here from PRD Whitsunday.

The big news this week is of course the interest rate rise from the RBA going up 50 basis points or half a percent. This is one of the most aggressive hikes we have seen in a very long time. I believe in about 12 years since we saw an interest hike of that level. The RBA has put this out to squash inflation to try and keep inflation down, and control the economy.

The other news in the media this week, is the price of lettuce, basically due to supply and demand issues - it's exactly the same as the real estate market! Copping a little heat from people saying "Real Estate agents are ripping everybody off, charging more for rentals and the prices of houses are high." So using lettuce as an example: There is a very low supply of lettuce at the moment, but the demand is still high. So prices have gone up to $12 per lettuce which is almost unheard of, but same goes for rental properties or properties that are available for sale. As the demand is there and supply is low, prices are going to go up. So there you have it rental properties and lettuce... Same thing.

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