Australia has been propping up House prices for decades,
Other Countries like the US have had their House Price Crash,
We are due for it to happen here.
We already have some of the most Expensive Houses in the World !!!!
And then....,
We have another irresponsible policy such as this.
I thought the point was for Housing and the cost of living to become more affordable?
Commonwealth and NAB are expecting a around a 10% Fall in House Prices !!!!
Many will lose their Houses,
As the Banks are forced to sell to re-coup their funds,
Before they fall further....
So why Trap more People?
Those "Investors" who borrowed against other "Investment" Properties,
To buy more Houses,
Will also feel the brunt of this.
All because House prices were allowed to get Out of Control for Decades,
Due to Poor Policies,
Such as allowing Foreign Investment,
During a Housing and Cost of Living Crisis !!!!
Also as Interest rates are going to be raised several times in close succession,
And many people have not EVER experienced this,
Some cannot even afford ONE rate increase,
Let alone several.
Most cannot afford an extra $150 a week+ on their Mortgage.
This will cause many to default,
Losing their Home,
And all the payments they have Made.
They may even owe $$$$,
And end up nothing to show for it !!!!
Commonwealth Bank and National Australia Bank now argue this record-shattering run, is about to unravel into the biggest housing crash of our Generation !!!!
