And it is still happening for the benefit of the governments income, basically so they, the government, has more money to spend, running a prudent cash flow budget does not come into their thinking
Another Saturday, another sign Australia’s property price boom is well and truly over – for now, at least. Only half the properties that went to auction in Sydney and Melbourne on the weekend found buyers Australians are essentially gambling addicts when it comes to housing. Given the chance, we'll put everything on property.
What is not expected is that the banks themselves should prove such poor interrogators of their potential customers. The result is one of the highest debt-to-income ratios in the world and a ramp-up in property prices which has priced many out of the market.
As soon as prices start to turn, authorities delay interest rate hikes and or loosen lending regulations.
But it's time Australians began to curb the urge to property splurge.
Excessive leverage into property may fuel higher bank profits, but it is a zero-sum game for society. SMH
