Australia's Reserve Bank raises interest rates to an 18-year high as home sellers break down in tears at auctions

The 6-3 board split, with governor Michele Bullock acknowledging growth was slowing 'markedly', signals deep unease even inside the central bank.

Property commentator Tom Panos says six of ten vendors at recent auctions broke down in tears, with families skipping holidays and pulling children from private schools to keep up.

Average home-loan repayments now absorb 50.9% of median family income, according to the Real Estate Institute of Australia's latest housing affordability report.

Back in the UK, new polling shows half of British mortgage holders are set to roll off fixed-rate deals by year's end, with more families 'financially strained' than at any point in the past two years.