This is an interesting topic….and one that has been polarizing opinions throughout the country for a number of years.
According to legal and conveyancing professionals; Australians are living beyond their means and overcapitalising on property purchases as the country remains in a ‘property bubble’.
There is a strong belief that Australian buyers are overcapitalizing on property and as a result leaving themselves in significant risk should the so-called “bubble” burst.
We have seen a steady increase in overall property values in the last decade which has kept the market buoyant and buyers optimistic. There is increasing concern however, amongst legal circles as to the long term stability of continued growth.
“Housing affordability is a generational problem in Australia and, with 65 per cent of respondents indicting housing is now unaffordable for Australia’s middle class, we need to look at ways to rectify this escalating issue,” GlobalX CEO Peter Maloney said (www.realestatebusiness.com.au).
We would love to hear your opinions on this topic and suggested solutions on ways to reduce the possibility of devastation and crippling debt to Australian homeowners should the “property bubble” burst.
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