Brisbane’s most expensive suburbs catching up to Sydney, Melbourne counterparts
There’s new data showing some of Brisbane’s most affluent suburbs will be hit hard by mortgage stress when interest rates increase.
Some of the most affluent suburbs in Brisbane are likely to be among those hit hardest, including the 4053 postcode such as Everton Hills, Mitchelton and Stafford.
Demographer and social researcher Mark McCrindle says some households will be feeling budget or mortgage stress, while many should be able to absorb a small rate increase.
“Banks have been pretty cautious over the last few years when it comes to lending, they have been tightening up their lending criteria so most people who’ve got a mortgage in the last couple of years would have got it stress tested, so with a one per cent interest increase, they should be OK,” he told Scott Emerson.
“But it’s when it gets a bit beyond that, when things might be getting a bit dubious.”
Some Brisbane suburbs will match the prices being seen in Melbourne and Sydney, he says.
“Certainly in some areas,” he said.
“You can look at the most expensive suburbs in most of our capitals and the difference is really starting to shrink.
“The most expensive locales almost wherever you go now across our capital cities, exceed the $1 million mark.”
Press PLAY below to hear more of his outlook on the property market
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