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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the property price movements, fintok and finfluencers, and tax time.

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Steve Waters, director of Right Property Group, chats about the resilience of the property market in Victoria, where another lockdown is currently in place, as well as Westpac’s latest surprising predictions for property price movements.

RMIT’s senior lecturer of finance, Dr Angel Zhong, reveals the rise of fintok and finfluencers and the dangers social media presents to financial markets.

And lastly, tax and super guru Timothy Munro talks about tax time. He reveals what Aussies need to be mindful of as we head towards 30 June, and why some should look at engaging a professional this tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Central bank remains bullish on apartment sales

By Reporter

June 23 2016
Share

Invest

Central bank remains bullish on apartment sales

By Reporter
June 23 2016

The Reserve Bank believes apartments will continue to play an important role in the economy despite tighter credit conditions putting pressure on builders and buyers.

central bank remains bullish apartment sales

Central bank remains bullish on apartment sales

By Reporter

June 23 2016
Share

The Reserve Bank believes apartments will continue to play an important role in the economy despite tighter credit conditions putting pressure on builders and buyers.

In its June quarter bulletin, the Reserve Bank’s Michael Shoory provides an overview of the growth of apartment construction in Australia.

“The increase in apartment construction has reflected a range of factors, including the nature of land supply constraints and affordability considerations, together with a desire to reside in close proximity to employment centres and amenities,” Mr Shoory said.

“Given that these factors are likely to persist, apartments are expected to continue to play an important role in providing new housing supply.”

Apartments accounted for one third of all residential building approvals last year.

Fears over settlement failures have been mounting following a crackdown on foreign buyers, who have been a key driver of the demand for new dwellings.

Banks have also added more limits to the number of foreign-buyer pre-sales that developers can use before obtaining finance for new projects.

Mr Shoory said banks typically cap the share of a developer’s pre-sales that can be accounted for by non-residents, generally at between one fifth and one third of the value of debt obtained.

With lower LVR limits for investors and the introduction of tighter credit controls on new purchases, settlement risk has become a major worry in recent months.

Lenders do not formally assess debt serviceability or provide unconditional financing approval until settlement is ready to take place.

“If the amount the lender is willing to lend is significantly less than the purchaser expected when they entered into the off-the-plan contract, the purchaser may be unable or unwilling to settle, in which case they would be liable to forfeit their deposit,” Mr Shoory said.

“This settlement risk is magnified if prices (for similar apartments) have declined over the development period (leading to valuation below the purchase price) or if the buyer’s financial position has deteriorated (in the event of unemployment, for example),” he said.

“Instances of buyers failing to settle their apartment purchase – settlement failures – can affect the financial position and credit risk of apartment developers, leading to potential losses for lenders.”

However, despite these risks, the central bank is confident apartments will continue to play an important role in the future.

“Apartments have driven the increase in new dwelling construction in Australia since 2010 and have provided an important contribution to economic growth and employment,” Mr Shoory said.

“Apartments are likely to continue to play an important role in providing new housing as land-supply constraints motivate prospective home owners to purchase higher-density dwellings (which use land more intensively and are therefore less expensive relative to larger, lower-density houses), and as tenants and residents choose to live closer to employment centres and amenities for convenience.”

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