IN December 2020 house prices were recovering from the lows of
the mid year …
Then over the Christmas break the housing market virtually closed …
BUT come 1 February 2021 instead of Agents dropping the price by some $200,000 when marketing a property allegedly to lure more buyers at Auction …
THAT at 1 February agents instead bumped up the median of December 2020 north by another $200,000 Guide Sale Price! In many instances at $2 Million!
… buyers find as they bid that their reserve for renos just goes to paying a higher price …
AND yet real estate agents said ‘We didn’t see this coming!’ …
WHAT happened over the Christmas vacation? Was there a big meeting of the Real Estate Institute?
And who was invited to attend?
Could that have been the Big Boys? The deve-lopers, the bankers and the Feds?
What was behind all this? This Agenda?
… Apart from the Feds using this as an opportunity to make it look like ‘Australia has a strong economy’?
Could it have been a ruse by the deve-lopers to sell off their excess of apartments since the Pandemic had cut off their foreign buyer demand?
By engineering this price hike in ‘Houses’ … to steer buyers especially First Home Buyers towards buying an apartment … really …
And the bankers, of course, enjoy the increased flow for their vaults …
NSW INC Stamp Duty Coffers again overflow along with the newly introduced alternative of Annual Land Tax
Cough … cough …
The average amount parents (The Bank of Mum and Dad) are contributing is $89,000!
But as Martin North banking sector analyst said those that received $$ help from parents to get into the property market:
-are three times as likely to default on their loan in the first five years
BECAUSE …
-they have not been disciplined about their savings
-these parents either gift the money towards a deposit or become ‘guarantor’
-and put forward equity in their own property
-if the children fail to make payments the parents may lose their home!
AND … Mr North … it would seem despite being an Analyst is … ‘a Man of Humanity’ warns that if in future these buyers end up in negative equity that Regulators should be looking at this very seriously!
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COMMUNITY ACTION ALLIANCE FOR NSW (CAAN): HOUSING INEQUALITY WITH AUSSIES LOCKED OUT! 