The reckon that more than 860,000 or 26.4% of Australian households were experiencing mortgage stress at the end of August 2017. (that would be close as we sold a few people's property that were heavily under mortgage stress - bank was going to sell them up)
More than 20,000 of those households were in severe stress. The figure for the previous month was 820,000 or the equivalent of 25.8% of households.
The RBA has said it is concerned about household debt (yes why wouldn't they be as everyone in this country went out at Xmas time and fully loaded their credit cards).
The Reserve Bank of Australia has warned that property buyers stretching to enter the property market could be "vulnerable" to economic shocks, such as an increase in interest rates or a change in personal circumstances, such as the loss of a job, or divorce. (You will become divorced very fast if you go through that huge financial stress, most people cannot handle or even know how to handle it)
RBA research shows that debt for the nation's top 20% of households is at least 190% of income, an increase of more than 50% in the 12 years to 2014, the latest Reserve Bank of Australia numbers.
I would think this would really relate to Sydney & Melbourne Buyers a lot more than Perth as our buyers have pulled back a long time ago, however we have sold up a few properties in the last couple of years but that is from people who bought a lot of property and when the values dropped they would have got the call from the bank to reduce their debit OUCH !!
MAKE YOUR OWN DECISIONS AND GIVE IT A REAL GO!!
SELLING MOSMAN PARK & THE WESTERN SUBURBS!!
KEEPING IT REAL IS OUR MOTTO!!
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