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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss the latest in equities, property investing and super.

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Steve Waters, director of Right Property Group, chats about the latest in property, including CoreLogic’s latest findings, which suggest national home values have increased at the fastest pace in over 30 years, and why he isn’t quite sure this is the case.

RMIT’s senior lecturer of finance, Dr Angel Zhong, talks about soaring travel stocks, the rising popularity of NFTs and what they are, as well as the sudden meltdown of Archegos Capital Management.

And lastly, tax and super guru Timothy Munro gives his thoughts on Paul Keating’s early release of super verdict, as well as an overview of life after JobKeeper.

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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Home values up 30% (or are they); NFTs taking the world by storm, and why Keatin...

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There is $17.5 billion in lost and unclaimed super across ...

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APRA slams ‘super for housing’ plan

By Cameron Micallef

March 30 2021
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Invest

APRA slams ‘super for housing’ plan

By Cameron Micallef
March 30 2021

Allowing first home buyers to tap into their superannuation for a deposit would result in a considerable property price spike, an industry regulator has warned.

APRA slams ‘super for housing’ plan

By Cameron Micallef

March 30 2021
Share

Allowing first home buyers to tap into their superannuation for a deposit would result in a considerable property price spike, an industry regulator has warned.

During an economics committee meeting, Australian Prudential Regulation Authority chairman Wayne Byres admitted that using superannuation for a home deposit would drive up housing prices.

With CoreLogic figures showing February was the strongest month for growth since 2003, and the continued low interest rate environment and HomeBuilder stimulus packages forecasted to further drive prices north, Liberal backbenchers have floated the possibility of enabling first home buyers to tap into their super for a deposit.

But the APRA chief is not convinced. Instead, Mr Byres expressed his hesitation to the House of Representatives economics committee on Monday.

“We are obviously in the current environment keen to avoid things that lead to further escalation in housing prices,” Mr Byres said.

“You would have to think it would add to the demand. All else equal it is likely to push them up,” he added.

Mr Byres followed a statement by the standing committee chair Tim Wilson, who has said that people should have the choice to use their superannuation as they see fit, including as a helping hand when saving for a deposit.

Mr Wilson, who has been a vocal critic of the superannuation system, recently launched a campaign called “home first, super second,” with the idea to allow members to use their super to buy property.

“I always believe that home ownership is actually in Australian’s best interests. Some people may think having superannuation balances is more important than that. As a public policy principle, the greatest leading indicator of poverty in retirement is not owning your own home… I make absolutely no apology: I am for home ownership,” Mr Wilson previously told the media.

“I believe what people should have in their superannuation is choice. Choice to contribute more if they believe it’s important, choice that if they don’t have their own home – a critical part of financial security – that they have the choice, and that’s all I believe in. I don’t want to tell anybody how to live their lives at all – that’s why I’m a Liberal,” Mr Wilson said.

Former prime minister Mr Turnbull labelled the plan “crazy”, arguing that it would simply enable further price growth.

“The proposition that super contributions should either not be increased or should be able to be accessed to be put into the housing market is surely one of the craziest ideas I’ve heard,” Mr Turnbull said.

“I resisted efforts to do this when I was prime minister... but we have a housing affordability issue here in Australia, and there is a bunch of reasons for that, but diverting even more savings into housing is simply going to bid up the price of housing.”

Despite the booming house prices, the prudential regulator said it does not target house prices, but will instead pay close attention to the quality of credit.

“It’s not our job to solve house prices, and it’s not our job to solve house pricing affordability. The extent to which there is dynamic emerging of increased risk taking by the community,” Mr Byres concluded.

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About the author

Cameron Micallef

Cameron is a journalist for Momentum Media's nestegg and Smart Property Investment. He enjoys giving Aussies practical financial tips and tricks to help grow their wealth and achieve financial independence. As a self-confessed finance nerd, Cameron enjoys chatting with industry experts and commentators to leverage their insights to grow your portfolio.

About the author

Cameron Micallef

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