Valuation Department Property Seminar
I attended this seminar held by the Valuation Department and some interesting data was presented as well as points debated. In a nutshell, there is still a large amount of new properties being planned, approved and constructed. In fact, the housing stock will increase significantly. Developers are realising that the kind of pricing that they have been charging is unsustainable and banks are increasing reluctant to fund such prices. What was not discussed with income levels, however - because that is the key to housing affordability. However, I guess it depends on one's philosophy on the economy. On one hand, the government should 'help' (which it does but there are obvious constraints) and on the other, in a free market / capitalist economy as ours, we really have to rely on ourselves i.e. to work and save the money for the house deposit and have the proper paperwork to support your loan application OR make enough money to buy it in cash! Anyway, the upshot is -