A property group chief has warned against allowing first homebuyers to use their super for property purchases.
According to The Australian
, Stockland chief executive Mark Steinert has claimed allowing first homebuyers to access their superannuation to buy property could be dangerous. In a speech at Bond University, Steinert said concentrating assets in one asset class could be risky, particularly when the future of the property market is uncertain.
“It won’t always be going up. There will be times when it is flat and times when it goes down and there are markets where it has been very volatile ..... so the issue about homes is it can easily be a disproportionate part of the investment allocation," he said.
In spite of his warning, Steinert dismissed the idea of a housing bubble as "ridiculous".
“There is no evidence that there is a consistent level of increased housing values across the country,” he said.