"[Our members] are telling us that loans are being rejected, whereas 12 months ago those sorts of buyers wouldn't have been," Mr Kelly said.
"In a declining market it is normal practice for lenders to tighten up on lending criteria," he said.Dr Leishman argues the housing affordability crisis has taken decades to develop and is not going to disappear soon.
Source: Loan Digest (loandigest.net)
Of course only the carpet-baggers will benefit. Those who can't afford housing now will be frightened out of the market.
Give it more time. Once interest rate rise by 2 percent there'll be a gut of cheap housing as those with large mortagages won't be able to meet their repayments and the banks will foreclose and sell the reposessed houses for the balance owing. Australia's faint echo of the GFC!
Prices are falling precisely because of tighter lending criteria. It's no use saying 'loosen the criteria so I can afford to buy now prices are low' as they'll just go back up again.
P_McCutch HugoCentre JingLeeMLC1 Dr Leishman: 'There's worry that Australia's largest cities have become too large' This realization comes a bit too late. Our perpetual growth politicians won't like it. Sustainable cities no larger than around 150 K
False. People who could not afford a cheaper home than what was available can still not afford the home now that the cheaper price has been attained. It is very much more affordable to those who can, you know, afford it. The lower the prices the more people can afford it.
It’s like putting a Gucci handbag on sale. Twenty percent off a severely overpriced product doesn’t necessarily put it in reach of the average person.
Isn't it because wages aren't growing and everything else is?
What is affordable housing —- pleases explainnnnnn
A bad thing is coming our way .... Can you say GFC ?
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