The Lands Titles Office has released property statistical figures which indicate a sharp downturn in registration of property transfers and mortgages in just one month.
The number of property transfers in SA dropped from 4,928 in June 18 to 3,422 in July 18.
What can be attributed to this? The banks tightening up on lending? Or perhaps the housing bubble that’s supposedly about to burst?
Alana Sumic from MoneyMorning.com.au wrote:
“Our housing market is in a bubble, as prices continue to grow. But Australians, especially first home owners, are struggling to buy as prices are too high relative to incomes.
With inflation and wages growing at nearly the same rate, and housing costs rising, living expenses are becoming harder to keep up with. Especially for low income earners.”
Put simply, low income earners, even though they may be working full time in a secure job, cannot afford housing.
It is a sad indictment of our politics today that buying a house is really engaging in a voluntary ransom.