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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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Behind its peers: NAB releases full-year results

By Cameron Micallef · November 08 2019

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Invest

Behind its peers: NAB releases full-year results

By Cameron Micallef
November 08 2019

Reading:

Behind its peers: NAB releases full-year results

By Cameron Micallef · November 08 2019

Reading:

It’s been a disappointing 12 months for NAB: It has lost its CEO, has fallen behind its rivals in the mortgages sphere and had to spend $1.1 billion in consumer-related remediation.

The major bank revealed its full-year results, and with profits taking a hit, it’s had a flow-on effect on what shareholders should expect in income.

Summary of results

The National Australia Bank (NAB) has reported that its statutory profit after tax for the year ended 30 September 2019 is $4.8 billion.

It’s down by 13.6 per cent on the previous comparable period to 30 September 2018 following a $15 billion slide in mortgage volumes.

Cash earnings at the bank fell less than net profit but were down double digits to $5.1 billion.

Cash earnings per share have also decreased, falling from 202.4 cents per share in September 2018 to just 177.0 cents per share in September 2019.

This led to the bank paying shareholders 83 cents fully franked final dividend, down from 99 cents a year ago.

Speaking to the media, NAB acting CEO and chairman-elect Philip Chronican acknowledged that the bank “fell behind” its peers in the mortgage market over the second half of the 2019 financial year, adding that home loan growth was clearly disappointing.

However, he is confident that NAB will recover ground in the home lending space over FY20, with CFO Gary Lennon revealing that applications have already increased by 18 per cent since June off the back of rate cuts and changes to mortgage serviceability guidance.

Despite expecting volumes to improve in FY20, Mr Chronican does expect overall credit growth to remain subdued.

“We’ve got work to get back to system growth, but from the numbers I’ve seen of the last four to six weeks in terms of applications, [it] suggests pretty strong momentum coming through there, but that’s clearly the area of focus for us,” he said.

“I’m pretty comfortable that we can grow broadly in line with system credit growth or better, but obviously, it’s going to be a low number. Credit growth is going to be a low single-digit number.”

It comes after the “disappointing” results from both ANZ and Westpac.

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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.