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The divide in the housing market is continuing to worsen, with residential property in the outer suburbs of Australian cities performing markedly worse compared to the unstoppable top-end markets.
Data released yesterday by Residex revealed that outer suburbs are feeling the brunt of rising interest rates, with house values growing negatively over the 12 months to January in suburbs such as Willmot in NSW and Medina in WA.
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Conversely, inner city suburbs are continuing to experience high growth of up to 20 and 30 per cent in Sydney and Perth, with interest rates having little effect on demand for housing.
“Those who are not responsible for the rise in inflation are being made to shoulder the cost,” said Residex chief executive John Edwards – who believes another rate rise could be devastating for such borrowers.
“I believe it is time for the government to find other options that more equitably share the cost of dampening inflationary pressure.”
Published: 22-02-08
