More equity coming my way?

Room for prices to rise in Brisbane, Melbourne

The general manager of Australian Property Monitors, Michael McNamara, says median house prices in several property markets have levelled off in the $500,000 to $550,000 band.

A pattern seems to be emerging: when a city's median home price reaches about half-a-million it stays there.

"The cities with a median price up over the $500,000 mark just don't seem to have any more fuel left in the tank; they seem to be stagnating," McNamara says. He thinks that communities in the country's two most expensive property markets, Sydney and Perth, are approaching "peak debt".

The article says that Brisbane and Melbourne haven't reached that median price yet, but doesn't say what the median is for Brisbane.

But this article seems to give the answer:

According to APM’s analysis, Brisbane median house price lifted 2.4 per cent over the September quarter to reach $399,755. That worked out to an extremely solid 16.7 per cent rise for the year.

And further down:

Mr Matusik said the predicted November interest rate could put a serious dampener on housing demand in the River City.

“With an increase in supply and higher interest rates our modelling is that price rises will be slow in Brisbane at somewhere between 6 and 8 per cent growth in the next 12 months,” he said.

“But looking beyond that an acceleration of price growth is likely because of the lack of new stock.”

Hmm. Soon I will be able to borrow for a 42 inch LCD TV in every room. (Plasmas seem to be a bit passe now.)