Property prices still rising outside Sydney, Melbourne – RBA
RBA Prices (BRISBANE)
Reserve Bank governor IAN MACFARLANE says property prices are
only coming down in inner city Sydney and Melbourne.
Mr MACFARLANE says prices of inner city apartments in Melbourne
began to fall about 18 months ago, and about six months ago in
Sydney.
He says that’s where the most speculative activity occurs, with
highly geared people exploiting negative gearing looking for quick
profits.
Mr MACFARLANE’s told a House of Representatives economics
committee hearing in Brisbane that prices are still going up
outside the inner city areas, but not as quickly.
He says there’s no evidence of property prices slowing in other
capital cities either, and the Brisbane and Sunshine Coast property
markets are benefiting from population growth.
However, he says prices cannot continue to grow at the same rate
— and the issue is whether they slow down or fall.
AAP RTV jmt/rp08-12-03 1335
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