Who is to blame for the falling property market?
Falling property prices across Australia is scaring off would-be homeowners and investors – but who is to blame?
One of Australia’s biggest real estate moguls and CEO of Meriton, Harry Triguboff, tells Ross Greenwood “the Chinese played a big part in getting the market up…but our people didn’t follow”.
“Even today with the small turnover they are still the main buyers.”
However, restrictions from our banks and capital controls put in place in China has scared off many foreign buyers.
The successful high-rise developer agrees the weakening property market is a major problem but “we shouldn’t push young people to buy” when there is so much uncertainty.
“Before, people would buy a house or an apartment very early in life.
“Today they don’t do it… they don’t marry early, they don’t need a house… and they’ve got a superfund that’ll look after them.”
Mr Triguboff says a major change is people are renting more because they want flexibility in their lives.
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