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‘It’s affecting the whole nation’: Property developer urges banks to lend

Property developer Stockland is urging banks to exercise responsible lending amid the uncertain post banking royal commission environment.

Stockland’s net profit fell 70 per cent to $311 million as a retail recession hit its shopping centres, but the CEO says he’s also concerned about the banks’ ability to lend.

CEO Mark Steinert tells Ross Greenwood the royal commission has caused an uncertain lending environment.

“We’ve seen a 50 per cent increase in Sydney and Melbourne since the election… and the level of sales are growing, but people are finding it very difficult to get a loan.

“It’s gotten a little bit better, but the pace of that improvement is really gonna dictate the improvement in the entire housing market.

“Everything is there for a pretty strong recovery but people are finding it pretty hard to borrow.”

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