Multi-million dollar man Mark Bouris: Why property prices are down

You might know him from the Wizard Home Loan ads of the 90s, from the Celebrity Apprentice, or from the multitude of other media appearances, Mark Bouris sold Wizard for a cool $500 million and now heads up Yellow Brick Road.

Mark Bouris joined Ross and John in the studio ahead of his “Mentor Masterclass” later this month for budding entrepreneurs.

He said he’s seen the landscape of borrowing change dramatically in recent years.

“In the last five years I have never seen borrowing more difficult and more complex ever in my life,” Mark said.

“If I was buying a $500,000 house three years ago, I needed to borrow $420,000, today I would get about $380,000, if I got approved.

“For us, four out of every 10 applications we lodge get rejected.

“So you want to know why property prices are down at the moment?

“It’s because people either cannot borrow to buy the property or they can borrow less.”

Click PLAY below to hear the details

Mark Bouris’s Mentor Masterclass is on Monday February 25 at the Melbourne Convention and Exhibition Centre. Tickets via mentor-masterclass.com.au