Home loans customers 'struggle to afford available houses'
Australia does not have a shortage of properties at the moment, the problem is that prices are too high for home loans customers, according to one expert.
Dr Ed Shann, director of Prime Value Asset Management, said in a piece for the Herald Sun that either prices have to fall or Aussie incomes need to increase.
"There is no housing shortage at current prices. There is a shortage of affordable housing. If house prices fell, more people could then afford to buy a house," he stated.
Despite this, he asserted that he does not believe there will be a significant drop in prices any time soon unless there is another upheaval in the financial market and a surge in unemployment, which would adversely affect demand for abodes.
This comes after Greg Pride, financial planner for Centric Wealth told the Sydney Morning Herald that Aussies with a windfall should consider paying off some of their home loan.
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