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

It can only go so high before people think it's too expensive and demand starts to drop off.

That's right.

Yeah.

So the market does move in short term cycles, but because historically upswings have been longer and larger than housing market downswings

uh the market has trended higher over time.

Yeah, well, like we talked about, the issue then becomes um when prices start falling, uh, then developers kind of turn the taps off because there's no incentive for them to supply.

And so a s eventually that supply becomes so constrained that prices start moving up again.

Yeah, so we're already seeing a little bit of a normalization in net overseas migration figures as we get over the COVID catch up period.

And, you know, in recent years we haven't had short term migrant arrivals leaving either because they didn't arrive during the pandemic.

Now we are seeing that more regular flow of short term migrants leaving Australia and that's helping to normalize net overseas migration figures.

We sort of formulated through the pandemic that the biggest impact of overseas migration was initially on the rental market because most recent arrivals from overseas to Australia are renters when they first get here.

And it takes quite a while for them historically to become homeowners for those longer term migrants.

And you'd have to imagine that period would only be dragged out further.

As housing prices become more expensive.

So already I think we're starting to see that reflected in rent values.

Annual growth in rent values has now eased to 5.8% in the 12 months to October.

And that's down from a recent high of 8.3% in the year to April.

So I think as net overseas migration normalizes, that's going to be another demand element that helps.

helps to ease growth in rents.

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