Michael Yardney sums it up well this in article,
http://www.propertyupdate.com.au/ar...mortgage-crisis-mean-for-Australia/Page1.html
In it he says:
"While the higher cost of funding for lenders may be passed on to some Australian borrowers, unlike its American counterpart, the Australian housing market has not been artificially driven by bad lending practices [emphasis by me]. It has been driven by our strong economy, increasing population and demographic demand and diminishing supply of available properties. This will provide Australian home owners and investors continued long-term resiliency.
Sure there will be economic bumps in the road that may scare off short-sighted investors, but the long-term economic fundamentals that drive our real estate market are sound. We have a strong economy, strong job creation, a fast growing population and we are attracting more migrants than ever to keep up a strong demand for housing.
One or two years from now, we'll look back and wonder what all the fuss was about and those who took advantage of the current Australian property markets will wonder why they didn't buy more properties while so many of us were procrastinating." - Michael Yardney
Agree YM?
http://www.propertyupdate.com.au/ar...mortgage-crisis-mean-for-Australia/Page1.html
In it he says:
"While the higher cost of funding for lenders may be passed on to some Australian borrowers, unlike its American counterpart, the Australian housing market has not been artificially driven by bad lending practices [emphasis by me]. It has been driven by our strong economy, increasing population and demographic demand and diminishing supply of available properties. This will provide Australian home owners and investors continued long-term resiliency.
Sure there will be economic bumps in the road that may scare off short-sighted investors, but the long-term economic fundamentals that drive our real estate market are sound. We have a strong economy, strong job creation, a fast growing population and we are attracting more migrants than ever to keep up a strong demand for housing.
One or two years from now, we'll look back and wonder what all the fuss was about and those who took advantage of the current Australian property markets will wonder why they didn't buy more properties while so many of us were procrastinating." - Michael Yardney
Agree YM?