Western Brisbane residents aren’t immune from the pressures of the 9th interest rate rise in three years despite living in some of its most affluent suburbs, according to Century 21 Westside Principal Gerard Baden-Clay.
“There’s a perception out there that the housing affordability issue is confined to the city’s poorer pockets, but there are ‘struggle streets’ everywhere and the affluent west is no different,” Mr Baden-Clay announced yesterday on his online blog at www.expertrealestate.blogspot.com
“For every upwardly mobile family moving into the area, there is another grappling with an increasingly dwindling margin between income and mortgage repayments and that can’t be ignored.
“There are a number of families in the area who are looking to downsize even though their family has actually expanded – they want to stay in the area but can’t afford the repayments on a large home.”
Mr Baden-Clay said nine interest rate rises since 2004 had taken its toll and although wages had also gone up across the board, many families had unwittingly over-capitalised.
“Data from the Queensland courts has shown that home repossession rates have skyrocketed in the last three years, with almost 800 homes having been relinquished this year already.
“While very few of these have been in the western suburbs, five of which – Pullenvale, Fig Tree Pocket, Chapel Hill, Moggill and Brookfield – are among the top 20 richest Brisbane suburbs according to the last census, it would be foolish to think everyone out here is on easy street.”
Mr Baden-Clay said Century 21 was committed to helping people find and purchase their dream home and to see people being forced out due to rising interest rates was distressing for everybody.
“There is no clear-cut solution to the current economic situation, but at least both sides of politics are talking about ways to ameliorate the pain for families. Let’s hope there’s some post-election action beyond the rhetoric!”
FOR MORE INFORMATION OR AN INTERVIEW,PLEASE PHONE GERARD BADEN-CLAY ON 1300 200 100.
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