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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Appearances
So there's going to be a lot of pressure on the rental markets because most new arrivals to Australia tend to be renters rather than buyers.
And so that's something that Governor Lowe has recently flagged at the Reserve Bank.
How is the rental supply going to keep up with all this demand for people coming into the country?
So that's definitely one key dynamic.
um we've got very low unemployment rates at the moment so lowest in a generation or over 50 years so there's a job by and large for everyone who wants one and plenty of opportunity to ask for a pay rise or change jobs and get a pay rise so lots of the fundamentals for the housing market are very strong but everyone's just worried about this one factor which is how high a mortgage rate's going to go
And if you're a buyer or even an existing person in the housing market, you just need to keep an eye on your repayments and ability to make those repayments because the payments have been rising since around May 2022.
Yeah, I think so.
You generally find, not least because of the transaction costs, that property tends to work better from a financial standpoint anyway, if you try and take a five or 10 year plus view, because buying and selling comes with its own costs.
um the same also applies though to the mortgage rates um if you're going to a mortgage broker or a lender today they will actually stress test you for a further three percentage point increase in the mortgage rate that you're borrowing at so you know for the sake of round numbers again if you're applying for a mortgage at five percent then the lender or broker will have to stress test you to see whether you can comfortably make the repayments on an eight percent
mortgage rate should that ever come past so um but i think even just from a personal finance perspective yeah you do need to sort of take that longer term view and accept that i just um i don't want to fall into the warren buffett trap and uh quite the great man but it's like as he would say
yeah that's right and we'll start as you mean to carry on and i think if you know if you were going to own a you know a farm or something you'd have to look at you know the long-term yield but you'd expect there'd be good and bad years and it's exactly the same if you're going to own a house you know the the rents and the vacancy rates might be up and down if you're an investor the mortgage rates will definitely be up and down and you generally find the prices cycle as well so uh
Yes, you're right.
I think generally speaking, if you can take a longer term view rather than reading the day-to-day or week-to-week news, that tends to help.
uh yes and in fact um i think that the most expensive suburb in australia is point piper but so few properties uh transacted in 2022 that they couldn't even come up with a median figure it would be skewed by you know the extremely expensive properties in some cases uh but you're right the top 10 suburbs are generally driven by sydney's eastern suburbs so point piper bellevue hill
Four Clues, Dover Heights, Double Bay, Rose Bay.
So I guess anyone who's lived in Sydney's eastern suburbs would be familiar with the list.
It's worth sort of
I suppose exploring why do prices continue to just go higher and higher in these suburbs.
Bellevue Hill and Vaucluse have got median house prices above $8 million now and Point Piper is off the charts.
I guess it goes back to, if you've read some history of economics,
Showing 21–40 of 553 · page 2 of 28
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