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Australian Real Estate Property Prices Driven by Debt

Property Prices Driven by Debt

Property boom spurs spending spree. SURGING property prices appear to be driving a spending spree in Australia, with home owners taking out bigger mortgages to help fund the purchase of big-ticket items, from new cars to holidays…..But regulators and economists fear that the borrowing binge could leave home owners vulnerable to rising interest rates, while any sudden reversal of housing prices might tip many into negative equity – when the size of the loan exceeds the value of the property.

Big four banks gorge on house mortgages. THE big banks may soon be forced to curb sales of mortgages after a feeding frenzy on housing over the past 18 months has lifted their share of the nation’s property market to record levels. Any steps to slow mortgage sales are likely to hit first-home buyers hardest as they are considered riskier and surging property prices have forced them to seek larger loans

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