Avi Kahn
speaker
76 appearances
1 recordings
1 series
first heard Feb 2022
last heard Feb 2022
Avi Kahn’s voice in public audio — every appearance, attributed to the second.
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Appearances
I think when we look at what COVID's done to the market, initially we had a lot of predictions that everything's going to go down, the house prices will go down, people are going to lose their jobs.
So we came into the COVID period, all these predictions that everything's going to be doom and gloom out there.
But what we've seen transpired has been totally opposite.
And at the moment in the market, probably for the last six months, we've seen a perfect storm of buyers being first home owners coming into the market and investors coming into the market as well.
And that's had a really strong upward influence on prices.
So we've seen different things happening with first home buyers and investors.
So with the prices going up and the value of homes going up, second and third time investors are tapping into their equity a lot at the moment and buying those homes from their current place of residence.
So it's really becoming really difficult for first home buyers to compete with those investors coming into the market because they have the borrowing capacity to go in
They're buying under the auction conditions and very strong plays from them over the last six months.
So we've seen a lot of different things happening in the market.
As a result, first-time buyers have been shifted into different areas where they haven't been looking before.
They're trying to buy townhouses and units, which were very deflated in the last two, three years.
We've seen a lot of concentration, a lot of demand for new homes.
We've seen a lot of demand for land.
So the competition between those two groups is causing a lot of different things to happen in the marketplace at the moment.
Yeah, look, we had an oversupply of apartments and units probably about 18 months ago.
With the advent of COVID, these things have been in hot demand, and now there's very little stock of them, so the prices are going up.
And countering with that is that the cost of build has gone up as well.
So there's things that take six months to build are taking 12 months to build.
There's lack of materials.
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