November 2009 interest rate rise

Australians have been hit with the expected 0.25% interest rate rise today, following the Reserve Bank Board's Melbourne Cup meeting.Economists have been widely predicting the rate hikes, with some anticipating more hikes at the December and February meetings."Australian house prices are showing strength, especially in Sydney, Melbourne and Darwin, but September figures have shown that price growth is starting to head backwards in cities like Brisbane, Adelaide and Perth," says Domain.com.au blogger and property author Alex Brooks."The strength of Australia's housing market has been one of the many economic reasons that the RBA feels the need to hike rates.It's not great news for home owners, but it is good news for the economy which will hopefully offer mortgage holders greater job security and income growth."