Mr Lawless said, “With interest rates remaining low for the foreseeable future, it is doubtful that housing values will start to slide, at least not at a macro level. What is more likely is that natural affordability constraints will start to dent buyer demand, as will the low rental yield scenario’s that are very much evident across the largest capital cities of Melbourne and Sydney.”
Other indicators such as clearance rates are holding relatively firm which, according to Mr Lawless, further reinforces the notion that the housing market isn’t set to show a market correction.
Brisbane apartment prices (to 30 June 2014):
June 2014 - up 0.7%
Quarter - up 1.4%
Year to Date - up 1.7%
Year on Year - up 5.4%
Median price based on settled sales of Brisbane apartments over the quarter - $385,000
Year on Year - up 5.4%
Median price based on settled sales of Brisbane apartments over the quarter - $385,000