Financial News

Debate whether APRA changes will protect Sydney and Melbourne. The head of one of Australia’s largest developers believes the enforced slowdown of lending to investors has reduced the risks present in major real estate markets. The Australian Prudential Regulation Authority (APRA) mandated earlier this year that lenders should not allow investor home loan growth to exceed 10% a year. Stockland chief executive Mark Steinert believes that move has prevented markets, in particular Sydney and Melbourne, from being hit by a…
An "extraordinary surge" in population has pushed Victoria to the top of the national ladder after it gained an extra 97,500 citizens in the year to March, a growth rate of 1.7 per cent. The next fastest-growing states, NSW and Western Australia, had growth rates of only 1.4 per cent, which was also the national average and the slowest rate for a decade. If you want a freestanding house in Sydney for less than $600,000 you have to move out…
A leading Australian economist has hit out at the prudential regulator’s decision to curb investor lending and questioned its 10 per cent speed limit. Dr Andrew Wilson of Domain Group told Mortgage Business that APRA’s claims of an overheating market have not yet been proven and that the motives behind its decision require greater scrutiny. “I don’t think we’ve had a full and a detailed modelling and explanation as to the nature of the policy shift and the details as…
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