Pete Wargent

speaker

553 appearances 2 recordings 1 series first heard Oct 2022 last heard Jan 2023

Pete Wargent’s voice in public audio — every appearance, attributed to the second.

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Australian Finance Podcast · Sell property now? RBA interest rates & financial independence ft. Pete Wargent · 10 Oct 2022 podcast

And then everybody comes back into the market

Everyone out together, everyone in together.

I don't think that will ever change.

I think in terms of, yeah, for sure, rising interest rates is the one thing that has really killed confidence at the moment.

If you look at all the other fundamentals, population growth is coming back, lowest unemployment rates in 50 years.

Wages finally actually going up.

Most of the fundamentals actually look strong for housing and housing demand.

The one thing everyone's worried about is, well, a lot of people haven't seen interest rates going up.

Now we've gone, at the time of recording, yesterday we went first interest rate hike, there wasn't 50 basis points, we had four in a row.

There were 50.

So we're getting closer to the top of the cycle.

And actually, if you look at futures markets or what markets are predicting, the terminal cash rate, so that's how high it's expected to go in this cycle, is actually a couple of interest rate hikes lower than a couple of days ago.

So I think people will start to get some comfort that interest rates aren't just going to keep going up forever.

But yeah, for sure, if you're a first home buyer today, you do need to factor in that we'll probably get a couple more hikes, yeah,

maybe three or four.

Yes, the worst day of the month for email spam is when the Reserve Bank policy decision comes out.

I think I tweeted yesterday, I'm gonna go to the gym before I get these 4,000 emails about the interest rate decision.

Yeah, and that's how monetary policy works though.

And it does work with a lag because it takes a bit of time, firstly for banks to update their mortgage rate,

Secondly, for people to actually realize how much the mortgage payment has gone up.

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