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After an initial period of extreme uncertainty, the rhetoric around the Australian property market appears to have shifted into a new phase in response to the ongoing coronavirus pandemic.

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On this episode of The nestegg Podcast, host Grace Ormsby is joined by the founder and CEO of Upside Realty, Adam Rigby, to delve into how COVID-19 has been affecting different demographics within the property sector, including renters, landlords, investors and retirees.

Adam touches on the pros and cons of potentially removing stamp duty, his predictions for marketplace trends over the coming months, and the importance of picking quality over timing when considering an investment.

Thanks Adam, for sharing your insights with the nestegg podcast team!

You can keep up to date with what Upside Realty are up to HERE

Have an investment story to share? Get in touch at [email protected] and you might get featured on the next episode.

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Borrow

25% fewer players: Banking boom set to reverse

By Grace Ormsby · May 15 2020

Reading:

Borrow

25% fewer players: Banking boom set to reverse

By Grace Ormsby
May 15 2020

Reading:

25% fewer players: Banking boom set to reverse

By Grace Ormsby · May 15 2020

Reading:

Up to a quarter of Australia’s banks could exit the market within five years due to pressures associated with COVID-19.

According to GlobalData, the “enduring squeeze” of coronavirus on smaller players in the financial industry could result in the long-term consolidation of the marketplace.

The forecast comes after the recent announcements by a number of banks that profits have taken a hit.

According to GlobalData retail banking analyst Resham Karira, government support and cheap funding will go some way in buffering impacts on the banking sector, “but it can only mitigate the impact”.

She said the recent upswing in authorised deposit-taking institutions (ADIs), which was driven by the launch of neobanks, “appears set to reverse”.

“The next five years could see up to a quarter of ADIs exit the market via sales or mergers.”

It’s not all bad news, however: GlobalData itself has acknowledged that its revised post-COVID-19 forecasts “are not as bleak in Australia as in other countries”.

While growth figures are down across lending and mortgage categories, mortgage balances are still expected to grow across the calendar year.

Consumer loans should also stay relatively steady, with the expectation of a decline of just 0.2 per cent.

Credit card balances are expected to take a larger hit over the year – at 5.5 per cent – but GlobalData was quick to point out that this figure is on par with pre-COVID-19 forecasts.

Still looking ahead, Ms Karira pointed out that “spending, barring panic buying, will decline, and businesses will be hesitant to take on even attractive loans when they have no income”.

With retail customers and small businesses being more vulnerable, she added that banks could see a rise in the delinquency rate, resulting in higher non-performing assets.

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About the author

Grace Ormsby

Grace is a journalist on Momentum Media's nestegg. She enjoys being able to provide easy to digest information and practical tips for Australians with regard to their wealth, as well as having a platform on which to engage leading experts and commentators and leverage their insight.