Are the Banks laughing? Awash with cash …
Are the Banks happy to lend to those that overextend?
Would they be happy to foreclose on a property? To resell? Cough … cough
… The Reserve Bank will keep rates low for the next 3 years … even if house prices continue to soar (more)!
So buyers borrow more … with large crowds at open homes and auctions … as more bid the price hikes!
AND there can be but one buyer!
What is the future for those turned away? Life-long tenancy?
The Reserve Bank focus is the economy; the Governor repeatedly has raised the issue of low wages growth with the PM …
Why not a clamp down on property investors? Or is the PM’s attention elsewhere? Meanwhile … queues for Open Homes line the street … extending from 30 minutes to an hour.
Auctions are now between 8 to 10 bidders …
Who else is behind this? Scomo wrote the policy for the developer lobby, the Property Council of Australia before entering politics … How good’s that?
READ MORE! ‘Sydney property: Low interest rates and increased borrowing power drive up prices, send buyers back to the bank’