Good morning and welcome to our live news blog. I’m Martin Farrer, bringing you the best of the overnight stories, and then it will be Emily Wind to take you through the rest of the day. There’s a “massive gap between what people can realistically afford and home values” – that’s the verdict of a CoreLogic report into why the housing market is “buckling” under pressure from the cost-of-living crisis and rising rates.
However, homeowners under pressure shelling out huge amounts on mortgages will be relieved that the data analysts think the downturn will be “short-lived”. Inflation figures out later this morning could have some bearing on whether rates will fall soon or not. Anthony Albanese will travel to the Top End today after getting the ball rolling on the unofficial federal election campaign in Queensland this week.
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