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BFCSA investigates fraud involving lenders, spruikers and financial planners worldwide.  Full Doc, Low Doc, No Doc loans, Lines of Credit and Buffer loans appear to be normal profit making financial products, however, these loans are set to implode within seven years.  For the past two decades, Ms Brailey, President of BFCSA (Inc), has been a tireless campaigner, championing the cause of older and low income people around the Globe who have fallen victim to banking and finance scams.  She has found that people of all ages are being targeted by Bankers offering faulty lending products. BFCSA warn that anyone who has signed up for one of these financial products, is in grave danger of losing their home.

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BFCSA: 'A milestone': Sydney prices could fall below $1m

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'A milestone': Sydney prices could fall below $1m

Australian Financial Review Apr 30, 2019 12.01am

Ingrid Fuary-Wagner, Michael Bleby

 

Sydney's median house price will fall below $1 million within the next two months even if the property downturn eases slightly from its current pace.

Sydney house prices have now fallen 14.3 per cent from their mid-2017 peak, including a drop of 3.1 per cent over the March quarter, according to Domain Group's latest house price report.

House prices in Brisbane stalled over the year, recording a slight drop of 0.3 per cent, after six years of continuous annual growth, while in Canberra prices fell by 2 per cent over the 12 months to March, the largest price fall recorded in a decade.

Melbourne house prices fell 10.4 per cent over the year and 2.4 per cent over the quarter.

Unit prices declined in all capital cities over the quarter except in Hobart where prices increase by 2.6 per cent, according to Domain.

Domain is majority-owned by Nine, publisher of The Australian Financial Review.

"Sydney’s current property downturn is the sharpest in more than two decades. It is yet to surpass the duration of the 2004-06 slump but it is coming close to being the longest," Domain analyst Nicola Powell said.

While the current property downturn has been driven largely by restrictions to credit, rather than the price of credit, an interest rate cut could bring forward the bottom of the property cycle, economists say.

"If price falls continue along the same trajectory where the current declines are easing, prices will dip below $1 million. That will be a milestone and a bit of a psychological change for buyers, because that hasn't been recorded in four years. That could spur on first-home buyers to continue to save," Dr Powell said.

'We’re looking for a place to live'

The price of a median house in the harbour city is now $1,027,962, down from $1,161,083 a year earlier.

Director at Ray White Surry Hills Ercan Ersan said it would be great news for first-home buyers as it would bring back the Australian Dream of being able to own a home.

"I'm going into more and more homes that I think will start to fall below $1 million – particular two-bedroom terraces which used to be a good starting point for first-home buyers, but for the last four years – since the median price has been above $1 million – they've been unattainable and have been selling for $1.2 or $1.3 million," Mr Ersan said.

In Melbourne, prices continued to fall, albeit it at a slower rate over the last quarter. But first-home buyers Tom and Dianne Armstrong they are unfazed and are ready to buy a home “as soon as the right place comes up". That's the case even if the market continues to deteriorate.

"We’re looking for a place to live," Tom, a software developer, says. "We’re a bit less concerned with minutely timing the market. The time to buy a place to live is when you need a place to live."

Prices may fall further, but competition is also increasing.

"There are other people in a similar demographic to us who have been waiting for a chance to buy and now see values dropping a bit – it’s hard to predict how long they’ll drop for or how much further they’ll drop – but are taking the opportunity," Tom says.

He also questions how much of a decline their sector of the market has suffered.

“My impression is that values at the area of the market we’re looking at have not dropped that precipitously. Two-bedroom places at the lower end of the market still seem to be – from what I can see – somewhat sought after. But ultimately, I don’t see Melbourne becoming vastly less popular to live in in the long-term future.”

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