I can't make sense of two conflicting sets of stories:
1. House prices are stable and rising; 72% auction clearances (yes but how many auctions??); the upgraders - 2nd or 3rd home - buyers are coming into the market.
2. Lenders are knocking back 3 out of 4 applications; 2 months from verbal to written approval for a loan; a mortgage broker with 25 years experience (really?) missed a settlement for the first time ever because the bank didn't release the funds in time; banks will only approve loans with a fixed settlement date.
Pent up demand I understand. Pent up price rise I understand. That an unusually high number of people might be cashed up I understand. But a surging market when large numbers of participants can't get funds????
Does anyone know what's going on? Are settlement periods stretching out? Are sales failing to complete?
Ghoti (the confused)