Here’s what happens next to house prices

So the election is done and dusted.

Albo has been given the rose by Australia. He is our most eligible political bachelor. And, if the Internet is true (and I’m sure it is), I saw a picture of Dutton working at McDonald’s.

So where are we at?

Well, I caught up with my old mate Louie Christopher from SQM Research, who’s predicting that in this  calendar year property prices are going to rise …

By up to 10%!

And do you know who that reminds me of?

My young pup Lucky. 

I throw her a bone … and she pounces on it, like a first home buyer at an auction in an outer suburb.

And just as she’s about to grab that juicy bone … I kick it just a little bit further.

“The first home buyer deposit policies are stupid … they will just push prices higher”, says my mate Louie.

Indeed they will.

Yet what clenches my sphincter is that Albanese, Chalmers and Dutton knew it.

None of them would sit down at Sunday lunch and tell their sister (if she was a single mum on a low income) to go out and buy a house with a 2.5% deposit. Nor would they tell their own kids to sign up for a 5% deposit loan. 

Instead, they’d say: 

What if interest rates go up? What if you lose your job? What if you can’t make the repayments?

However  it’s a totally different thing when it’s campaigning for faceless voters.

So, as they bask in their glory and buy a burger from Dutts at Macca’s, I think Albo and Jimbo should read this question I got from one of their constituents, Sarah, this week:

Hi Scott,

Two years ago I purchased my first property using the Government’s single parent grant, which meant I only had to save a 2.5% deposit and the LMI was waived. Buying this property was a huge achievement as a single mum on a low income. Unfortunately, with the rise in interest rates and cost of living, I can no longer sustain the cost of my mortgage. My daughter and I are really struggling. What options do I have?

In the coming week I’ll put on my financial counsellor hat and help Sarah.

It’ll be a good warm-up. After all, come January 1, when Labor’s 5% deposit policy kicks in, there will be a lot more Sarahs coming through the door. 

Make no bones about it.

Tread Your Own Path!