Sydney’s housing is rated less affordable than global metropolises New York and London in a report that paints a dire picture for the city’s middle-income earners :: Read the full article »»»»
The Australia Institute has called for changes to capital gains tax, claiming exemptions are costing the Federal Budget $48 billion. It’s recommended removing exemptions for the family home if it’s valued more than $2 million.
The think-tank has proposed changes to capital gains tax, claiming it would save the Federal Budget $12 billion. Under the proposal, the family home would no longer be exempt from the tax if it’s valued more than $2 million.
However, the housing industry has downplayed the idea, claiming it could put pressure on the property market :: Read the full article »»»»
Mortgage brokers are reporting credit conditions in Australian housing lending market have become a lot tougher in the past two weeks according to CLSA’s leading bank analyst Brian Johnson.
Mr Johnson said recent discussions with broking contacts pointed to banks cutting discounts on investment loans and demanding tougher scrutiny on borrowers’ ability to repay their debts.
The crackdown comes only days after data was released showing mortgages had soared to a new record high of $31.3 billion in March.
Lending to property investors is now growing at 21 percent year-on-year, more than double the so-called speed limit of 10 per cent identified by the Australian Prudential Regulation Authority – APRA – earlier this year.
Anecdotal evidence is that NAB, Commonwealth and Westpac investor loans will no longer offer additional discounts over and above the published ‘package discount’ rate :: Read the full article »»»»
The three-bedroom, one-bathroom fibro and iron house was built in the 1960s :: Read the full article »»»»
That sector was led by investor credit, which jumped 10.1 per cent over the past year, including a 0.9 per cent rise in December :: Read the full article »»»»