Markets15 October 20235 min read
October 2023: Bullock's first hike
New RBA Governor, same playbook. Cash rate to 4.35%. The market briefly wobbled — and then absorbed it.
The market response
CoreLogic posted +0.9% nationally for October despite the November hike being telegraphed. Listings remained 18% below the five-year average. The supply floor under prices held even through a hawkish RBA pivot.
What this told us
If the market could absorb a Bullock-era hike without breaking, the recovery was structural, not technical. The 2024 base case strengthened: continued capital growth at 5–8% nationally with significant capital-city divergence.
Dax Stanley
Founder & Principal Strategist, Hera Property. #1 international bestselling author of Real Estate Investing Using ChatGPT.