- 28 May 2016
APRA Interference Unwarranted
APRA Interference Unwarranted
Talk of a Sydney boom requiring APRA action shows a clear ignorance of historical property cycles. From my dusty files I see that SQM Research Director Louis Christopher, in May 2009, made the comment that Sydney prices "are now lower than they were in 2003".
The average price in Sydney then was $530,000, yet just four years earlier the media had been screaming of a huge property boom in Sydney.
Indeed from 2001 to 2005 the increase was greater than the current one that so scared APRA. Of course markets settled back to their long term trend whether they have recently fallen or recently boomed.
The Lesson for APRA?
Get out of the market that you don't know! Banks who have used APRA as an excuse to increase their rate gouging are about to learn a sorry lesson - competition is coming back.
Reduce your rates or borrowers in future will remember your ruthlessness.
Kevin Young Property Club Founder
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