Just jokes.
Does anyone agree with Bernard Salt’s population predictions for Sydney, i.e that growth rates are actually decreasing (refer to his latest article in the BRW)?
Yorker,
I made a post on this called “Salt on Sydney” earlier- here’s the link to the article:
Bernard Salt, one of Australia’s leading demographers, comments on Sydney. It’s a very interesting article, I think, about immigration, housing affordability etc.
http://www.abc.net.au/news/newsitems/200409/s1199723.htm
kay henry
I agree with parts of it, especially that Sydney is losing its entrepreneurial edge.
Yorker,
With industrial trends such as outsourcing, people can work anywhere… so maybe some sydney or more global markets are getting workers from other countries to do the work more cheaply. That’s a global trend, but it will certainly have an influence on immigration.
As far as say, the International student market- well, that is growing (the local undergraduate market is shrinking). But now, with ever-increasing fees and less government funding to Universities, the Institutions are looking to other markets- the offshore educational market is a huge growth area. Thus, Universities are taking the market to International students. It’s possible that this trend will mean that IS’s choose to stay in their home country in the future- and get Australian university qualifications, and not have the expense of living in sydney.
Also, as Salt says… it’s so expensive to buy a house in Sydney- that HAS to have some effect on immigration. Still, 35,000 new residents in the city isn’t too bad. It’s not a ghost town yet
kay henry
I have to agree with him, Sydney is definately an unaffordable market at the moment. I am also concerned that banks are black balling certain postcodes and simply refuse to lend on them.
Well, that kind of micro-economic reform from banks will certainly stop over-supply- hehe. No borrowing = no demand.
Yorker, which banks are not lending to which suburbs? Come on, be specific. I know LVR’s are 70% for a bunch of inner suburbs… but refusing to lend? Put your policy where your mouth is, Yorker
I guess some people will be borrowing direct from Triguboff, although he is slowing down building as well. Actually, I saw some apartment yesterday- 2.25% finance- pfft- homeymoon period, I guess. I’ll have to check out details properly.
kay henry
I receive various “In house” lender publications. Lenders are refusing to finance many inner city purchases
Which lenders, Yorker? Which suburbs? You can stop playing International Man of Mystery now
kay henry
Yorker,
I saw your name on the list and wonder if you might answer. I’ve posted on here a few times before, an article that details which Banks loan and the LVR for different suburbs.
I am interested that Banks are now “refusing” to lend in areas of sydney… Please let the Forum know which Banks and which suburbs so that this can be verified.
Thanks,
kay henry
Kaye,
I’ll email it to you. Postcodes from 2000 to 2010 are under close scrutiny.
hehe Yorker… as I thought. Yes, lemme think…
Sydney CBDÂ 2001
* Sydney 2000
* Haymarket 2000
* Darling Harbour 2000
* Circular Quay 2000
* Ultimo 2007
* Broadway 2007
* Chippendale 2008
* Pyrmont 2009
* Surry Hills 2010
* East Sydney 2010and let’s not forget Alexandria and Green Square…
There’s a big difference, Yorker, in “scrutiny” and in Banks not lending. Sorry- I don’t believe ya
kay henry
Hi
I think it is mainly the mortgage insurers that won’t lend for those areas. Hence any securitised lender that has all of their loans mortgage insured cannot lend in those areas – eg RAMS, Macquarie Bank etc.
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
Thanks Terry
Really, I think if you can’t muster up 30% for a property in the inner-ring of sydney… then maybe you can’t afford that particular mortgage. LMI sucks for large mortgages.kay henry
I get why lenders won’t lend on the most overpriced suburbs of Sydney right now until they have ‘corrected’ a bit.
joy to the world
Indeed mini mogul. Kaye your obviously right, with regard to 30% deposit, I think in this market a little safety net is essential. If you have a 30% deposit you won’t have a problem, a number of my clients have had issues because of the fact they were trying to borrow 90%.
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