{"id":19885,"date":"2017-12-24T01:00:01","date_gmt":"2017-12-23T14:00:01","guid":{"rendered":"https:\/\/www.realestatetalk.com.au\/?p=19885"},"modified":"2017-12-24T01:00:01","modified_gmt":"2017-12-23T14:00:01","slug":"apra-happy-to-be-the-heavy-andrew-mirams","status":"publish","type":"post","link":"https:\/\/channels.realty.com.au\/realtytalk\/apra-happy-to-be-the-heavy-andrew-mirams\/","title":{"rendered":"APRA happy to be the \u2018heavy\u2019 \u2013 Andrew Mirams"},"content":{"rendered":"

As we run towards the end of the year, it is timely to look back and reflect on the year.\u00a0 Andrew Mirams<\/strong> says that APRA appear to be happy with the brakes they have applied to the market in 2017 and he thinks they will continue to pour water on the property sector by having restrictions in place to slow investor activity.\u00a0\u00a0 Hear his predictions for 2018.
\nTranscript:<\/strong>
\nKevin:<\/strong>\u00a0 As we continue our look at the property market for next year in our final show for the year, I\u2019m welcoming into the studio Andrew Mirams from Intuitive Finance, who is one of our regular contributors.
\nAndrew, pull out the crystal ball for me. What are you seeing for next year? How are you feeling about the property market in Australia?
\nAndrew:<\/strong>\u00a0 Hi, Kevin. Yes, the crystal ball, you should have rang me in advance to charge it. It\u2019s always that difficult question, isn\u2019t it?
\nKevin:<\/strong>\u00a0 Yes, it is.
\nAndrew:<\/strong>\u00a0 I think the finance, we\u2019re seeing that the market has just come off late 2017 a little bit. APRA\u2019s intention to slow down the market, Sydney and Melbourne in particular, is having an effect around the countryside. I think that they will be quite pleased with that, people not overexposing themselves and things like that.
\nYou now have Sydney into the low 60s or high 50s percent clearance rate. We have Melbourne coming off, moderating. Probably still a strong market and Australia\u2019s strongest market, but it\u2019s certainly starting to moderate and now they\u2019re really particular about the style of property.
\nAnd a bit of growth coming in Brisbane, which is probably people who can\u2019t get into Melbourne and Sydney. And with some infrastructure projects up there and things like that, you\u2019re starting to see some good signs in Brissie.
\nKevin:<\/strong>\u00a0 APRA has come out in recent times and said that they believe that what they\u2019ve been doing to tighten the market a little bit has actually worked, slowing it down just a fraction.
\nDo you think they\u2019re going to be inclined to be buoyed by that and say \u201cMaybe we\u2019ll tighten the screws a little bit more in 2018\u201d?
\nAndrew:<\/strong>\u00a0 They\u2019re pleased with the outcomes they\u2019ve been able to deliver. We\u2019ve talked quite a few times through the course of 2017 about we don\u2019t want boom and bust cycles. That\u2019s no good for anyone. That\u2019s only feast or famine. And that\u2019s just not a good market to want to be investing in.
\nSo, they\u2019re trying to level it. They\u2019re trying to bring it some normal growth. Really, what we\u2019re going to see in 2018 from an APRA perspective, I think there\u2019s going to be a little bit more work around interest-only lending and making sure they\u2019re documented and that the clients are getting what they actually want, not just what someone thinks they should have.
\nThe other thing we\u2019re going to continue to see is a lot more focus on everyone\u2019s living expenses. We\u2019ve talked about this a few times, Kevin, and making sure people have some sort of an idea of what it costs them to live month to month. That\u2019s going to be a real focus in 2018.
\nI think a show or two ago, we talked about 2018 being the year of the living expenses. I\u2019m happy to go by that prediction and think that the credit squeeze, it\u2019s not going to back off just for the minute. We\u2019re going to just have some more scrutiny around responsible lending and making sure the lenders are all doing the right thing by clients.
\nThat said, all the banks are still open for business. It\u2019s just that people are probably hitting their limits sooner than what they\u2019ve been accustomed to.
\nKevin:<\/strong>\u00a0 Just a dumb question, if I could ask it, Andrew. The prudential controls that we saw, particularly in 2017 from APRA, do they have the ability to loosen those in certain areas? In other words, could they say to the bank, \u201cWe think you need to continue to tighten the screws in Sydney and Melbourne, but maybe release a little bit more in Brisbane\u201d? Do they have that much control?
\nAndrew:<\/strong>\u00a0 That\u2019s a great question, Kevin. I think there are lots of commentators around the country who would say that\u2019s what should have been happening in any case through 2016 and 2017 where you\u2019ve had the Perth and Darwin markets floundering a bit. Also, back in the mining boom, you had Brisbane just ticking along, not kicking goals, and then you\u2019ve had this boom in Sydney, and now Melbourne a year or two later to the party having this boom. So, there\u2019s been really disjointed markets.
\nSadly, they can\u2019t or they won\u2019t make rules for domiciles. They\u2019ll just say \u201cThese are the rules and we want to slow the whole market down and we want to make sure.\u201d Because responsible lending isn\u2019t a domicile-based decision wherever you live. They\u2019re bound by rules to lend responsibly, so I think that probably has more potential damage to start to pick off independent markets and say \u201cThis is now the rule.\u201d
\nThe banks have done it a lot with their postcode restrictions where they know that there\u2019s high unemployment, less housing growth, and things like that. The banks have a lot of data and they\u2019re also probably doing those restrictions behind the scenes versus\u2026 We have a bit of a \u201cone size fits all.\u201d Once upon a time, it used to be the Reserve Bank raising and lowering the markets; now it\u2019s the prudential controls, as you said, that\u2019s limiting or restricting the markets.
\nKevin:<\/strong>\u00a0 Andrew, great talking to you, mate. Thank you for your excellent work during 2017. I look forward to working with you in 2018.
\nAndrew Mirams from Intuitive Finance. You can contact Andrew and his team on any one of the buttons on Real Estate Talk.
\nThanks, Andrew. All the best for Christmas and the New Year, and look forward to talking to you next year.
\nAndrew:<\/strong>\u00a0 Thank you, Kevin. All the best to you and all the listeners for Christmas, and let\u2019s hope 2018 is a prosperous one for us all.<\/p>\n","protected":false},"excerpt":{"rendered":"

As we run towards the end of the year, it is timely to look back and reflect on the year.\u00a0 Andrew Mirams says that APRA appear to be happy with the brakes they have applied to the market in 2017 and he thinks they will…<\/p>\n","protected":false},"author":176692471,"featured_media":19886,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[32,34,10,11,13,36,22,25],"tags":[101],"class_list":["post-19885","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-buying-a-property-topic","category-finance-topic","category-kevin-turner-sponsored-channels","category-kevin-update","category-latest-story","category-property-investment-topic","category-research-topic","category-sponsored-channels","tag-podcast"],"yoast_head":"\nAPRA happy to be the \u2018heavy\u2019 \u2013 Andrew Mirams - Realty Talk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/channels.realty.com.au\/realtytalk\/apra-happy-to-be-the-heavy-andrew-mirams\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"APRA happy to be the \u2018heavy\u2019 \u2013 Andrew Mirams - 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