Finance advice

APRA measures have ‘driven investors out’, new report finds

By Lucy Dean
strict lending rules, APRA, property market, lending agreement

APRA’s tightened lending requirements have succeeded in pushing investors out of the property market, and the price growth slowdown has been in line with expectations, a new analysis has found.

According to ANZ’s latest report, Australian Housing Update – Gliding to a soft landing, the stricter lending rules put in place by the Australian Prudential Regulation Authority (APRA) have “driven investors out of the housing market”.

Last year, APRA called on lenders to limit interest-only loans to within 30 per cent of their loan books, building on December 2014 laws requiring lenders to keep investor growth to within a 10 per cent benchmark.

While APRA has flagged that it will remove the 10 per cent benchmark “sooner rather than later”, the 30 per cent interest-only limit is unlikely to be removed as soon.

In its report, however, ANZ was firm that APRA’s changes have had the effect of “squeezing” investors from the market.

“To a large extent, they are being replaced by first home buyers, who are enjoying stamp duty discounts in New South Wales and Victoria,” the report’s authors, Daniel Gradwell and Joanne Masters, said.

At the same time, they warned that the subdued investor activity has “translated into a slowdown in price growth”.

This slowdown, nonetheless, was in line with ANZ’s expectations, with the authors predicting that most of the slowdown has already occurred.

“APRA’s regulatory tightening, first on investor borrowing then on interest-only loans, was always expected to take some demand out of the market and slow price growth,” they said.

“We retain our view that prices will not materially decline. Over the near term, auction results in Sydney and Melbourne suggest that the majority of the price growth adjustment is behind us.”

However, while the economists consider the housing sector to be free of any “clear signs of stress”, they are not as sanguine as the Reserve Bank of Australia, given continued credit growth outstripping income growth.

“It’s not all plain sailing. Financial stability remains a medium-term concern, although there are yet to be any notable signs of distress, and the recent slowdown in house price growth is encouraging. Nonetheless, we remain cautious given that credit growth continues to outstrip income growth,” the authors said.

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Tune in to the latest episode of Property Showcase, the podcast with the inside track on the products and businesses that will help turbocharge your portfolio, maximise returns and make your overall investment experience seamless and stress-free!

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To hear more about these services, make sure to tune into this episode of Property Showcase!

 Make sure you never miss an episode by subscribing to us now on iTunes!

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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.

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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.

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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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Why buying new property doesn’t mean buying better property

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