A rollercoaster ride for house prices is expected following a lift to the Official Cash Rate

The Reserve Bank has raised the rate to point-75 percent.

JMI Wealth director Andrew Kelleher says the central bank expects inflation to reach nearly six percent, then decline mid-next year.

He says the bank's forecasting Gross Domestic Product to bounce back, and wage growth to be higher.

Kelleher says house price inflation is expected to fall very sharply from here, then go negative.