Greg Jericho has written an article about how housing affordability has changed during Glenn Stevens's tenure as governor of the RBA. Even with further rate cuts, new home buyers will have historically high debt | Greg Jericho According to figures in the article, the average new mortgage for an established dwelling has risen from $220,400 ($1,682 per month) in September 2006 to $370,500 ($2,263 per month) in July 2016. Factoring in inflation, and the 2006 monthly repayment in $2,106 in today's money. The piece doesn't compare the relative buying power of the 2006 and 2016 mortgages, which would have been an interesting analysis. Sydney and Melbourne have doubled (in nominal terms) since then, but growth has been slower in other capitals. Jericho comments that high rates probably won't happen anytime in the next twenty years, as they'd "absolutely kill the economy", so don't expect any big hikes soon, but also that cuts are unlikely to stimulate things much.