the SMH backs me up...
Investor loans to buy established homes rose 9.9 per cent, whereas loans for the construction of new rental properties fell 2.6 per cent, down 30 per cent over the past year.
A spokesman for Australian Property Monitors, Michael McNamara, said wealthy baby boomers nearing retirement were once again considering property as an investment strategy.
"It doesn't surprise us that many people are looking at property given that gross rental yields are rising and vacancy rates are so low," Mr McNamara said.
But a younger generation of first home buyers continues to struggle. The proportion of loans going to first home buyers fell to 17.5 per cent, below the long-term average of 20 per cent.
"If you have a look at gen X and gen Y, much of that generation has already stretched themselves quite significantly and in an environment in which there is much speculation about interest rate rises on the horizon," Mr McNamara said. "… The interest in investment properties would … mostly be coming from baby boomers."
posted by sayfin at 3:22 PM
2 Comments:
Hey Sayfin, as a FHB, I feel your pain.
You should share it directly with Michael McNamara at the domain.com.au blog, he's one of our blog writers :)
Judging from the comments, you will see that you are definitely not alone! http://blogs.domain.com.au/2007/04/higher_and_higher_house_price_1.html
cheers, lucas. i assume you're a moderator of the blog and searched for phrases lifted from the article?
i really felt like writing up an article about this and submitting it to Good Weekend (i do a little freelance journalism) but thought that it wouldn't be well received and that i would probably end up being called a lefty-student-inner-west-champagne-sipping-socialist, or something.
keep in touch. no doubt there will be more ranting on my blog.
i mean, come on, the prospect of moving for the 7th time in as many years? sheesh...
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