Indeed Rabbitoh, and with respect to those posting above you, it...

Indeed Rabbitoh, and with respect to those posting above you, it will not be restricted to the mortgage belt.
When the fixed-raters get moved onto casual, it will push many monthly payments up by as much as 50%. That will hit all mortage holders, including (as recently covered in the Sydney press) those in the upmarket areas like the Eastern Suburbs.
Worse than that, the ability of potential buyers to finance top-end housing under the current credit conditions are now vastly reduced (without a big deposit).
In my view, the entire marketplace has turned.
Cheers
CJ