John Symond says FHBs losing out to high return seeking investors
First-home buyers are being forced out of the market by residential investors drawn by high returns on their intended investment, the executive chairman of Aussie Home Loans, John Symond says.
"It is a windfall for investors," he told News Ltd papers.
"A shortage of accommodation pushes up yields and they can finance their purchases with the lowest interest rates in 50 years," he said.
Saul Eslake, chief economist at Bank of America Merrill Lynch, also says any potential property boom in Australia will be led by investors buying established homes, pushing prices up.
Jonathan Chancellor
Jonathan Chancellor is one of Australia's most respected property journalists, having been at the top of the game since the early 1980s. Jonathan co-founded the property industry website Property Observer and has written for national and international publications.
