Finance advice

APRA crackdown 'ineffectual'

By Adam Zuchetti and Nick Bendel
MAN AND MAP

The head of one lender has described APRA’s continued efforts to reduce investor lending as “ineffectual”, despite the regulator this week declaring its crackdown a success.

APRA chairman Wayne Byres told the Federal Inquiry into Home Ownership that the regulator is achieving its goal of cooling the investor market, having convinced lenders to limit their investor lending growth to 10 per cent per annum.

“Actual growth remains marginally above this level and may well be so for the next few months, but we have seen clear moderation in the previous strong upward trajectory, and the large lenders have all indicated their intention to move within this benchmark,” he said.

“This has generated a range of responses over the past month or so, including most recently, differential pricing for owner occupiers and investors.”

However, Andrew Way, director of Semper Capital, told Smart Property Investment's sister title, Mortgage Business, that the regulator’s moves are merely satiating short-term political will rather than developing sustainable long-term lending practices.

“When a regulator starts talking about macro-economic objectives, that smacks of pressure from Treasury and also from the RBA to do something – that it is going to provide some indication to the public that they're [doing something about fears of a] property bubble,” Mr Way said.

“So I think it's politically motivated in large part. I don't think the banks have a massive over-exposure … because the ASIC coverage is pretty well there and investors are long-term thinkers anyway. If there's any change in the property market, they'll just sit and wait for the mean distortion to come up to parity. In other words, they will sit on their property until the market increases back up to where they bought it.”

Mr Way said that while APRA’s forced crackdown on investor lending will reduce bank exposure to investment property, it will do little to dampen underlying appetite for property by would-be investors.

“I really think the elephant in the room is negative gearing. So long as there's negative gearing there's going to be investors, and investors don't care if they get a loan through a [non-bank or other lender] to buy an investment property, which would avoid this bank restriction anyway,” he said.

While non-bank lenders may be eyeing up opportunities to steal investor customers away from the banks, Mr Way advised that this is not likely to be a long-term trend.

“I'm not convinced that restricting the banks to 10 per cent growth in the investor market is going to have that much of an impact,” he said.

“Any investor that can't get a bank, yes, will go to a non-bank lender and then will transition that non-bank [loan] into a normal bank loan over time. I just think it's rather ineffectual.”

More stories: 

Investors head south 

8 steps to successful property investment 

Market reacts to lending changes 

Spreading the risk 

Housing supply in decline 

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  string(334) "

Will Magee has had ambitions to enter into the Australian property market for quite some time, but it has been more than just finances holding him back.  Having been granted permanent residency just two weeks ago, Will is wasting no time and is now in the process of signing papers and finding his first investment property.

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In this episode of the Smart Property Investment Show, Will joins host Phil Tarrant to share why he is purchasing his first property in partnership with his brother, discuss the complications that can arise from such a strategy, and unpack the ongoing plan for building a joint property portfolio with his brother.

Will will also share how they approached saving for their first property, why he is taking out the mortgage in his name exclusively, and share their savings plan for the year ahead.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

From property in Australia to a ski lodge in Japan
Mortgage Trusts, an alternative first step for property investors
Should a real estate title be in one person’s name only?

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A property investment plan years in the making
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Median house prices in regional Victoria outperformed that of Melbourne in the June quarter, the latest REIV figures reveal. 

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Median house prices in the regions rose 4.0 per cent to $419,500 but in Melbourne they dipped by 0.6 of a percentage point to $840,000.

The result in Melbourne was due to a 0.8 of a percentage point fall in prices achieved at auction; this was despite a lift of 2.3 per cent in private sales.

Inner Melbourne suffered due to auction prices, where median prices fell by 4.9 per cent to $1,459,000 but it was middle Melbourne that was hardest hit, with a 5.4 per cent drop to $974,500.

Outer Melbourne had a good quarter with the median rising by 0.5 of a percentage point to $681,000.

Apartment prices in regional Victoria grew by 3.7 per cent to $304,500 while the metro media was up by 0.5 of a percentage point to $604,000.

REIV President Richard Simpson said that despite fewer sales, many sectors of the market were performing well.

“2017 was a bumper year and while the trendline has flattened, despite the fall in median house prices in the June quarter, median prices are still up this calendar year for both houses and units, in Melbourne and in the regions,” Mr Simpson said. 

In particular there was been strong growth in regional centres which is probably due to the first-home buyers’ concessions said Mr Simpsons.

“The first-home buyers’ concession has been a boon for regional areas. A new entrant to the property market buying a house at the regional median will pay no stamp duty, while a first home buyer of an apartment in Melbourne at the median price would pay stamp duty of nearly $25,000,” he said.

Mr Simpson said that more prospective buyers are looking towards regional Victoria which is also having an effect in Melbourne.

“Melbourne’s outer perimeter continues to grow. Small increases in the June quarter mean that the median prices for both houses and units have risen over 10.5 per cent from a year ago.

Mr Simpson said moving forward that vendors need more realistic expectations as the highs of 2017 are now over.

“Negative chatter about the future of the sector coupled with stronger lending controls by financial institutions has created some uncertainty and vendors need to be realistic with their price expectations,” Mr Simpson said.

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Regional Victoria showing up Melbourne in price performance, new data finds
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  ["introtext"]=>
  string(381) "

If Mark Hodge’s face looks familiar to you it could be because of his time working as a professional entertainer which saw him working with the Australian ballet, appearing on multiple seasons of Dancing with the Stars and touring in musical theatre for 17 years. What you may not know is that Mark is also heavily involved in the short-term property rental marketspace.

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Mark joins host Phil Tarrant to discuss his transition from entertainer to investor, a journey pushed forward by dance related injuries and even a hit and run which saw him needing to find alternate methods to bring in an income. Mark shares how bad long-term tenants and a gang member guided him to the short-term rental market, and how this pushed him into helping others to realise the same benefits.

Mark will also address the common concerns, discuss what his company Maisonnets specialise in and unpack how they are making the process of filling short term rentals easier for investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

The hard-to-swallow truth: The prickly points of the Airbnb reforms
Airbnb reforms unpacked for property investors
Airbnb leasing: What are a landlord’s rights and responsibilities? 


AREAS MENTIONED:

Melbourne
Sydney
Rushcutters Bay
Maroubra
Potts Point

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From pirouettes to property investment

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