Aussie Home Loans John Symond reveals 'what's wrong' with the property market
The Reserve Bank has again kept official interest rates on hold, keeping pressure on politicians to tackle housing affordability.
Far from impressed with their efforts so far is Aussie Home Loans boss John Symond, who spoke to 7 News about what he says has gone so wrong with our property market.
“Stuff it, I've had a gutful - you're going mate!” Symonds began.
He says Aussie families should teach underperforming politicians a lesson.
“What are they waiting for? Are they waiting for the house to be burned down before they do something?” he continued.
“It's been busted for 30 years! No good a low income worker- working overtime - which pushes them up to a higher tax bracket where they get less per hour for overtime than normal hours, give me a break!” he continues.
Symonds says he would lift the GST to 15 per cent.
He also has a dire warning about Labor's plans to scale back negative gearing.
“That would sink the country into recession. Because Australians love their homes and it's a huge investment, it's the biggest asset class we've got,” he warns.
While action clearance rates were at almost 80 per cent in Melbourne and Sydney over the weekend, Symond concedes the markets needs to slow down, but the desire to buy bill will continue, especially on the eastern seaboard.
“The two things that will cause a property bubble - is high unemployment- and as I said IMF has predicted our unemployment numbers to drop - interest rates going up significantly, no way in the world!” Symond continued.
The Reserve Bank has left its official interest rate on hold for a record ninth month in a row at 1.5 per cent.
“My prediction is we will have relatively low interest rates for a decade. Hey if it goes up by 1 or 1.5 percent by comparison, hey I remember paying 21 percent for interest rates to go from 4 percent 5.5 percent not going to sink the ship,” he stated.
