Finance advice
Poverty, empty wallet, struggles for Australians, most expensive places to live in, property prices

Is ‘power poverty’ leading to more struggles for Australians?

By Bianca Dabu

Many people recognise Australia as one of the most expensive places to live in and it’s undeniably getting harder for a lot of its residents to settle down and get by every day, especially as wages fail to increase at the same rate as inflation.

Properties prices are consistently going up and the prices of goods also continue to swell exponentially—all while the average Australian’s wage remains, more or less, at the same level.

“Right now, Aussies are paying way over the odds and there's power poverty and people really struggling,” according to Smart Property Investment’s Phil Tarrant.

Momentum Media’s Aleks Vickovich agreed and said: “I totally understand [that] people are feeling a lot of hate. If you go back to before Paul Caine inflated the dollar, property was cheap in this city.”

“The views [aren’t] any different, the harbour front ... looked as good as it does now, and they were a third of the [current] price,” he added.

Aleks believes that in order to address this issue, the government must push for a reform on the tax regime—a move that could increase wages significantly. Education is also one of the simplest but most effective ways to help avoid the different struggles brought by unequal distribution of power. Sadly, it’s either not taught well or not taught at all in most schools.

Aleks said: “Unless you have some sort of exposure to the business world or to investment personally, I don't think you quite understand how these things work, so there's no doubt people are struggling.”

“I think there's things we could do in the economy to increase those wages naturally,” he added.

Bank policy

Fortunately for borrowers who are paying off their mortgage, money could still be considered cheap, according to Momentum Media’s James Mitchell.

However, problems may arise following several banks’ decision to hike interest-only rates a few times in order to meet the requirements set by the Australian Prudential Regulation Authority (APRA). Property owners and investors alike have recently faced several changes in APRA regulations, which are implemented changes in order to slow down interest-only lending.

According to James: “I think what's interesting to look at now is that, obviously, the majors are sort of reducing PNI a little bit, upping rates for interest-only and trying to rebalance their [mortgage] books. That's basically what they're trying to do [because] they've got too much exposure.”

“Basically, you've got a bank like Westpac, for example, and they've got however many mortgages on their books for however many Australians. 50% of all the mortgages Westpac hold are interest-only—that's probably too big an exposure.

“So, they want to rebalance that and make sure that there's more Australians paying down principal because it's a better thing to do,” he explained further.

The average Australian borrower has most likely shifted his mindset in order to adjust to these new regulations, so as a result, the banks are also moving to tweak their operations.

James said: “They're trying to change customer behaviour in terms of paying down debt rather than just using this interest-only because property keeps on rising, which I think is quite dangerous when the market starts to flatten.”

“The profitability of the Australian Banking Model is being challenged and it's going to look very different in the future to how it has over the last 20 years. It's just not going to be sustainable,” he concluded.

Tune in to Aleks Vickovich and James Mitchell’s episode on The Smart Property Investment Show to know more about the how rising interest rates are affecting the market and where they expect to see rates in the future.

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podcast

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Many investors who would have been successfully approved for finance last year are struggling now to either begin or continue their property investment journey because of the current financial climate.

In this episode of the Smart Property Investment Show, broker John Manciamelli and Momentum Media director Alex Whitlock joins host Tim Neary to discuss how APRA changes and the royal commission have resulted in a tighter lending economy and what that means for Australian investors.

They discuss what traps investors should avoid if they are trying to obtain finance, the four key growth drivers in a property market and unpacking trust structures while revealing one type of trust that you should miss.

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!

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Hobart
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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

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When buying property, it’s important to focus on what’s important. Investor Katarina Taurian shares just what exactly is important to her: having the mindset of looking past superficial cosmetic matters and homing in on the structural suitability and potential of a property.

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In this episode of the Smart Property Investment Show, Katarina joins host Tim Neary to unpack her entry into the property market and experiences of rentvesting, and how the Smart Property Investment Show was vital  in a number of decisions which she made along the way.

Katarina discusses about the team that she had help her along the way, why she thinks that you should never skimp on a good solicitor and accountant, and the red flags which tell her why buying a new property doesn’t necessarily mean buying a better property.

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!

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Why buying new property doesn’t mean buying better property
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Media hype would have you believe that the Australian property market is in dire circumstances at the moment and that there is no money to be made.  But is that really the case?

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In this episode of the Smart Property Investment Show, regular guests Steve and Victor of Right Property Group join host Phil Tarrant to discuss the current state of the Australian property market as it is portrayed in the media, and analyse if things are as dire as we are being led to believe.

They will compare regional markets with capital cities as investment options, reveal some areas which they consider to be poor investments at the moment while also discussing some of the markets where they see future potential.

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!

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AREAS MENTIONED: 

Hobart
Sydney
Perth
Brisbane
Shepparton
Cambridge Park
Geelong
Wollongong
Melbourne
Newcastle
Orange
Dubbo
Bathurst
Armidale
Bendigo
Cairns
Ipswich
Emerald
Port Hedland
Surfers Paradise

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More than just bricks and mortar, experts often regard property investment as a ‘game of finance’. As such, a good finance strategy can lead any investor to success.

" ["menu_text"]=> int(1) ["menu_show"]=> int(1) ["page_title"]=> string(53) "Finance Tips and Insights - Smart Property Investment" ["menu-meta_description"]=> string(91) "Financial tips for property investors, from mortgages to cash flow to saving for a deposit." ["secure"]=> int(0) ["page_description"]=> string(11) "sample desc" ["page_rights"]=> NULL ["robots"]=> NULL ["access-view"]=> bool(true) } ["initialized":protected]=> bool(true) ["separator"]=> string(1) "." } ["displayDate"]=> string(19) "2018-09-10 06:23:01" ["slug"]=> string(61) "18524:busting-perceptions-of-a-doom-and-gloom-property-market" ["catslug"]=> string(28) "45:smart-property-investment" ["link"]=> string(81) "/investor-stories-1/18524-busting-perceptions-of-a-doom-and-gloom-property-market" }
Busting perceptions of a doom and gloom property market

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