First published 29 Oct 2026, 9:00am
Melbourne’s Zwagerman family are watching inflation figures raise the risk of a rate hike, just as they prepare to increase their mortgage. Picture: Wayne Taylor.
Melbourne’s Zwagerman family have an extra reason to be worried about inflation figures at the moment: they’re about to sell their home and buy a more expensive one.
For Shannen and Ricky, and their daughter Zendaya, 3, this means they’re thinking about what the numbers could mean for repayments at the 61 Mareeba Way, Craigieburn, home they renovated into their perfect perch before their growing family needed more space.
But while that’s not yet “excruciating” they’re also factoring in a more expensive mortgage looming ahead once they sell the $660,000-$690,000 home and buy higher up the property ladder — and contend with any impacts to their sale price caused by a rate hike.
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“We are scared, and stressed, and felt better about it two months ago than we do at this current moment,” Ms Zwagerman said.
“But we are noticing the houses we are looking at are dropping in price, too, though.
“So we’re hoping it will balance out.”
Heightened inflation and the risk of an interest rate hike could also mean less going out and more staying at home, or just going to nearby parks with Zendaya, a saving strategy they inadvertently picked up during Victoria’s Covid-era lockdowns.
“Some weeks it is week to week, and others it’s trying to put more into our savings,” Ms Zwagerman said.
“That might mean a quieter week, and doing less.
“And so every week I budget out what I’ll need and what we can save.”
They are also considering increasing her, currently part time, hours at work — though had hoped to delay this until Zendaya started at school.
Shannen and Ricky Zwagerman with their daughter Zendaya, 3, and cat Cheeta. Picture: Wayne Taylor.
Inflation data and a possible rate hike could also have ramifications for their home’s auction on November 7, just days after the Reserve Bank’s next decision, though they’re hoping a renovated kitchen and laundry that added significant storage, and a good-sized backyard and a location that means you can walk to the shops, will be enough to keep buyers interested.
“We ummed and ahhed about selling, we do really love it; and if it was that little tiny bit bigger, that would have saved us moving on,” Ms Zwagerman said.
Ray White’s Trish Orrico is handling the sale for the family and said we know the interest rates had to come back up, but this is not a big deal for most people — they are factoring it in.
The agent said they were not seeing people needing to sell because of interest rates, but there were people willing to take a loss.
“I’m encountering people selling for less than they bought, but it’s more about their life at the moment — and that might be selling all the homes in their super fund, or other things changing in their life,” Ms Orrico said.
“There are people with no choice but to get on with it. And they are buying off other people in a similar boat.
“Everyone is just adjusting to what the current market situation is.”
Properties are affected by government announcements, interest rate rises, general life – and people are accepting that is just what it is.
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