Eliza Owen

speaker

379 appearances 2 recordings 1 series first heard Nov 2024 last heard May 2025

Eliza Owen’s voice in public audio — every appearance, attributed to the second.

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NAB Morning Call · Weekend Edition: Has affordability finally hit home price growth? · 1 Nov 2024 podcast

High interest rates, limited borrowing capacity, cost of living pressures, and affordability constraints should be taking buyers out of the market.

At a high level, national home values were still up.

three percent in October, but the pace of increase has been slowing down and that's what I would have expected to see.

Um and yeah, it's kind of been seeing the scales tip in slow motion, I guess, with the gradual decline in the pace of home value increases.

Yeah, so on the supply side you would see a more gradual reaction to uh

fall or a deterioration in seller conditions.

The housing market, remember, is a pretty slow-moving asset in that sense.

But you're right, eventually, cyclically you'd expect to see more people taking their property off the market.

Last week was a pretty bumper week for auction volumes, but that was partly because we've got Melbourne Cup Day coming up.

So a lot of people try and get their auctions scheduled before

the public holiday and that's why you got a particularly large volume in Melbourne.

Against that though, we saw a combined capital cities clearance rate in the fifty percent range again, which is below the series average, suggests more of a buyer's market than a seller's market, and just reaffirms the slowdown that we're seeing in housing market conditions.

it's because dwelling construction overall has been really challenged and the costs have increased on multiple fronts.

So core logic data suggests that the inputs for re residential construction have increased by thirty two percent since the start of the pandemic.

Uh and more recently the wages challenge is becoming a bigger part of that as wages keep up with the high inflation environment.

Uh land costs have risen, interest costs have risen, uh, and we're probably not at a price point that is triggering more

um development of houses and units.

Units are particularly challenging right now because a lot of the labor that you would use for unit construction overlaps with what you need for infrastructure.

And so with a lot of big state government infrastructure, the the labor is competing.

Um and in houses we're just starting to see a little bit of capacity easing in housing starts now off the back of the big wave of demand through home builder.

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