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More time at home means many Australians now have the opportunity to re-assess their lifestyle and spending habits and set some serious saving goals. So how can you actually go about it?

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In this episode of The nestegg Podcast, host Grace Ormsby is joined by Melbourne-based Reventon’s Billie Christofi to talk all things finance and the impact of isolation on our hip pockets.

In stage 4 lockdown, Billie shares the importance of going back to basics when it comes to budgeting, methods to re-assess spending habits, and some of the less conventional ways people can boost their wealth at this time.

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

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

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Property crash predictions ‘wide of the mark’

By Staff reporter

March 01 2016
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Invest

Property crash predictions ‘wide of the mark’

By Staff reporter
March 01 2016

One of Australia’s leading economists has responded to dire predictions for Australia’s property market and recent reports claiming that Australian banks fail to check proof of income when processing loan applications.

Property crash predictions ‘wide of the mark’

By Staff reporter

March 01 2016
Share

In a research note published on Saturday, AMP Capital chief economist Shane Oliver responded to last week’s Big Short reports – saying foreign hedge funds and various commentators have been predicting a property crash for more than a decade that have been “wide of the mark”.

“Australian home prices are likely to see yet another five to 10 per cent cyclical fall at some point in the next few years and, yes, home prices are overvalued, posing a downside risk, but a 50 per cent crash is unlikely,” Mr Oliver said.

“The latest crash call aired on 60 Minutes has raised nothing that wasn’t already well known,” he said.

“Australian property is no more overvalued than it was a decade or so ago. The ratio of household debt to income is about the same as it was prior to the GFC, but interest costs have collapsed and there are no signs that Australians are having trouble servicing their debts.”

Mr Oliver admits there has been “some easing in lending standards”, but he does not accept that Australian banks are not regularly checking for proof of income when processing loan applications, “particularly with APRA breathing down their necks on ‘bubble’ worries”.

“More fundamentally, Australia has not seen the growth in low-doc and sub-prime loans that don’t even require people to lie about their lack of income, which were central to the US housing crisis that triggered the GFC,” he said.

“To get a crash we will either need a massive rise in interest rates, which is unlikely because the RBA is not stupid, or a deep recession in the economy, which seems unlikely," he added.

“Seems to me that some people have just seen The Big Short and want to be film stars – or least are desperate to find the next big short. The trouble is that shorting Australian banks is becoming a rather crowded trade.”

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