FINSIA Reconciling wealth with leverage paper is reported as saying:
The percentage of people with home loans has increased from 30% to 33%, but loans taken out by those under 29 have decreased from 18% to 15% whilst the figure for 45 to 59-year-olds lept from 36% to 49%.
“Buoyed by strong superannuation returns and relatively higher incomes, there is strong evidence to suggest that older Australians are increasingly ‘crowding out’ younger Australians from the property market,” the report says.
Earlier in the year we heard that only 12% of new housing loans are for construction. As the property market starts to crumble and the environment melts away, we can only imagine who will clean up this mess?
Well no matter how many debates this weekend yields, we will surely be filled with even more motivation to write that blockbuster article….plus a little audio for our Renegade Economists podcast.
I wonder what our film makers over at the I Want to Live Here film comp will say?