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12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
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69.38%
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67.09%
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REIA slams St George property report

By Staff Reporter
22 September 2009 | 1 minute read

The Real Estate Institute of Australia (REIA) has hit out at a recent St George property hotspot report stressing that banks should stick to lending and leave property buying advice to estate agents.

“The banks need to be careful what they support because they are regarded as being credible institutions,” REIA president David Airey told Real Estate Business.

Mr Airey said that St George, together with its mother company Westpac and the Commonwealth Bank of Australia account for almost 60 per cent of all lending, highlighting the influence these institutions now have in the market.

“Some buyers might rush in and buy a property on the back of a bank’s advice, without taking into account sound real estate advice.”

Mr Airey said it was ironic that the banks, who were the first to curtail lending and foreclose mortgages, are now conducting reports on property hotspots.

“I must be out of touch. I thought banks lent money, valuers value and real estate agents market property,” he said.

 

REIA slams St George property report
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Do you have an industry update?

top suburbs

12 month growth
Box Hill
127.02%
Mollymook
82.85%
Brightwaters
79.93%
Cleve
78.13%
Bawley Point
76.2%
Murrays Beach
75.57%
Terranora
70%
Crescent Head
69.38%
Park Ridge South
68.32%
Mollymook Beach
67.09%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
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Enter your email to receive the latest real estate advice and tools to help you sell.