Government efforts to save property sector

Government efforts to save property sector Government efforts to save property sectorPosted October 13, 2011, by Helen Isbister Two years ago the Australian property sector was booming. Whether it was in commercial, residential, funds management or development, big bucks were being made and times were good. It has now been one of the sectors hardest hit by the global financial crisis, with the government trying desperately to keep it afloat. The sector is being affected from two sides. On the one hand, investors and banks have less money to inject into development projects, while the public is also feeling the squeeze. That translates into less supply, less demand and fewer jobs. The Property Council of Australia has warned that foreign banks are pulling out of Australias commercial property sector, potentially putting hundreds of projects at risk with fears local lenders wont be able to bridge the gap. The government is focussed on propping up the property sector because of the ind ustrys substantial impact on the countrys economy and as its the foundation for tens of thousands of Australian jobs. fremdartig from the core property jobs, there are also roles in construction and trades which are directly impacted as well as the countless other careers which are indirectly affected. The governments $4 billion proposed property development fund will try and offset the $30 billion debt of Australias commercial property sector. According to the Treasurer, that initial kitty could be extended by Government guarantee debt, creating a loan pool of up to $30 billion. The so-called Rudd Bank however is now in the Senate as they mull over the contentious legislation. There is better news for the residential sector. Interest rates have been scaled back drastically to help people with home loans and encourage others to keep buying. The government also gave a significant boost to the first homeowners grant to get houses sold. The government and banks are also joining f orces to make it easier for people taking out mortgages, even giving newly-unemployed mortgage holders a one-year reprieve on paying the loan back The measures are working to keep the sector afloat, but critics fear when the time comes to scale them back the fallout will be immense. The sector is in the midst of a crisis but potential homebuyers and investors should keep in mind that its a cyclic game and will be booming again in a few years so keep an eye out for bargains to be snapped up.Real Estate ResourcesProperty manager sample resumeProperty manager sample titel letterCareer Insider StoriesShelley Lask - Body Positive Health & FitnessInterested in becoming a?Property ManagerReal Estate Sales AgentProperty DeveloperProperty AdviserProperty ValuerPopular Career Searchescertificate iv in property services online course qldwhat qualifications do you need to be a property managercertificate iv property servicesdiploma of property servicescertificate iv in property services tafe qldReal Estate CoursesGraduate Diploma of PropertyEnquire Online Enquire OnlineHelen IsbisterRelated ArticlesBrowse moreEnvironmentalReal EstateSustainability and the property industryWith sustainability becoming the buzzword of our times, professionals from architects to property managers are championing the cause of environmental responsibility.Real EstateHammer time Considering a career in real estateIf you have a winning way with people and are a skilled negotiator, the real estate industry could be your ticket to a dynamic and lucrative career.Real EstateReal estate careers boom or bust?The property market is booming but does that mean a job in real estate is a sound career move? From courses, to commissions to your competition, weve got all your questions answered.