ABC Four Corners tonight (very soon) - The population debate
Also on the news today, the banks are dropping interest only investor loan rates in some cases more than 100 points
bizarre story gaining little coverage (heard it on AM radio) where people coming over on Skilled migration visas (i.e the supposed skills shortages) cannot find work. Calls from quangos to provide government paid internships for the migrants who cant find work so they can get ‘local experience’
seems more likely the population boom is just to keep wages down, the debate is full of vested interests
Investor demand dropping, peaked in mid 2015, been dropping ever since. NSW had 64% of new mortgages = Investors, Sept 2017 dropped to 50%
and literally cash in envelopes alongside loan applications!!!
The market has slowed, really don’t think it could be described as crashing by any means.
Here is some old news that can help explain why the market is so ‘stubborn’
Now some up to the minute news that may prove to (temporarily and yet again) prop the property market up to higher levels:
The next few months are make or break for the Aussie property market. Absolutely amazing how long these things can go on for. It truly does suck for people who hold out from the madness and those who are priced out. The ability to purchase a property provides some financial security in retirement. The bubble here has lasted a decade anyway. A significant portion of a working life.
The mining investment boom drove the property market in Western Australia and once that new mine commissioning phase concluded demand for new property in the state fell as inward migration retreated severely from its peak. As Australia’s fortunes are so dependent on resource exports is the mining state the canary in the mine?