Received

A man has been charged after a nine-year-old girl was shot outside a home in Sydney's south.

The child was rushed to hospital with non-life threatening injuries as the state's anti-bikie and organised crime squad hunted for the alleged gunman.

Police were called to a Connells Point home, 20km south of Sydney's city centre, on Friday evening after reports of shots fired.

The man, 34, was arrested later on Friday in Oatley, a suburb across from where the shooting took place, where police also found a burnt-out car.

Another car was seized along with several other items for forensic investigation.

The man was charged with shooting with intent to murder and will face Parramatta Bail Court on Saturday.

A woman and two other children were present at the time of the shooting. The young victim spent the night in hospital after being taken there under police escort.

Detective Acting Chief Superintendent Grant Taylor said the force's Raptor Squad kicked into gear "immediately" to find the alleged offender.

"This shooting was a dangerous, ungainly act of violence that resulted in a child being rushed to hospital for surgery," he said.

Police will hold a media conference on Saturday morning, and urge anyone with information to come forward.

© AAP 2022

Home owners who bought during the pandemic are being socked from all directions as their mortgage payments rise, property values fall and everyday expenses skyrocket.

"Indebted households are in the grip of a tightening pincer movement, where inflation on essential goods such as fuel and food, together with the rapidly rising cost of debt are squeezing balance sheets," according to CoreLogic research director Tim Lawless.

A borrower with a $500,000 housing debt has seen their monthly payments rise by around $366 a month since rates started rising in April.

The average home loan in Australia in April was $615,304, according to Australian Bureau of Statistics data.

Arrears rates for mortgages have already begun to trend upwards, says Equifax executive general manager Moses Samaha, and first-time buyers are more than twice as likely than other mortgage holders to be 90 or more days delinquent.

"This is in large part because many recent first home buyers entered the market during the pandemic, when rates were low but house prices were high and have not yet had a chance to make significant down payments on their mortgage," he said.

"As a result, this cohort has rapidly felt the impact of rate rises on their comparatively larger mortgages, when compared with households that have had a longer time to pay down their debt and build equity."

Switching to a fixed rate mortgage to escape the rising variable rates may not be a good idea, says Zippy Financial Group director and principal broker Louisa Sanghera.

Fixed rates are already in the four to six per cent range, which is generally well above the current variable rates on offer, even after the three consecutive rate hikes.

"Borrowers should consider whether locking in these significantly higher rates is likely to benefit them in the long term, because no one knows when the current rising interest rate cycle will end," she said.

Closely watched Westpac chief economist Bill Evans is expecting another rate hike in August, possibly followed by a pause in September and October before resuming. He's expecting they'll peak in February at 2.35 per cent.

Other economists are expecting an even higher mark of 2.6 per cent or more.

Meanwhile dwelling values in Australian capital cities dropped 0.8 per cent in the June quarter, according to CoreLogic, while auction clearance rates for the week ended July 3 was just 53.2 per cent, the lowest since July 2020.

"We continue to see average home prices falling 15-20 per cent top to bottom and this is occurring earlier and faster than previously expected," said AMP chief economist Shane Oliver.

Adding to the pain are rising consumer prices. Treasurer Jim Chalmers said last week inflation had accelerated from the 5.1 per cent read in the first three months of the year.

"Inflation will get worst before it gets better," he said.

© AAP 2022

A nine-year-old girl has spent the night in hospital after she was shot outside a home in Sydney's south.

Police said the girl's injuries were not life-threatening and they are investigating the public shooting.

They were called to a Connells Point home, 20km south of Sydney's city centre, on Friday evening after reports of shots fired.

There they found the shot girl who was taken to hospital under police escort.

A woman and two other children were present at the time of the shooting.

A burned out car was later discovered in the nearby suburb of Oatley.

Police will hold a press conference on Saturday morning to provide further details.

© AAP 2022