Craig

There's a lot of people who have got an extra million dollars or $2 million worth of equity in their back pocket, which they didn't have, call it, you know, three years ago.

So that's equating to pressure on average sale prices.

And it's no surprise we've seen this growth.

It's all started with the baby boomers.

They've all sold up the suburban pads they've had for 20 to 30 years.

They're coming into inner city.

The new farm in Tenerife's attracting suburbs that we're about to talk about, the pool of money's buying that sort of property because they love it, or they're going out into inner city to buying similar properties of lesser value.

They've still got some of those endearing qualities of inner suburbia, cafes, restaurants, and the like.

And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning just after 6.30 and also available on Spotify and Apple and wherever you get your podcasts from.

Tuesday morning is here, the fourth day of October for 2022.

Of course, today the interest rate rise.

We will find out later this afternoon what is happening and we will bring you the result just as soon as that is announced.

Coming up this morning, we are going to be talking with Hamish there in Brisbane about the Brisbane $3 million suburb in Tenerife.

So how is the luxury market fearing amid interest rates and the current market?

We'll find out that very shortly.

Meantime, CoreLogic's latest pain and gain report is out, which accessed 102,000 property sales.

CoreLogic's head of research Eliza Owen said that this particular pain and gain report provides a line in the sand and confirms the moment when the housing market peaked and started to turn.

Now CoreLogic found that interest rate hikes have induced a price softening in Sydney and Melbourne

But other capitals remain strong with sale price gains.

In fact, if you look at Melbourne and Adelaide, they've recorded an increase in the number of properties selling under the hammer last Saturday, October the 1st.