Rich Harvey

speaker

1,863 appearances 17 recordings 1 series first heard Jan 2022 last heard Oct 2022

Rich Harvey’s voice in public audio — every appearance, attributed to the second.

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Aussie Real Estate Podcast · Property Headwinds & Tailwinds · 30 Jun 2022 podcast

But the chief economist of Westpac, Bill Evans, recently pointed out that the index is still well above 100.

It's dropped down from 121 points down to 111 points, but it's still over 100, which indicates that more consumers expect prices to rise rather than to fall.

So there's a more negative index in New South Wales and Victoria, but a much higher index in Queensland.

So what all of that tends to indicate is that markets tend to overshoot or undershoot expectations.

But the trick for the savvy home buyer here is to really just take a long term view.

And I think the other key point, Craig, just to point out about what's going to dominate is that data that CoreLogic put out is typically two to three months out of date.

Market conditions change a lot faster on the ground than what is reported in the media.

So, for example, CoreLogic the other day came out saying in their daily index that in the last quarter, property prices declined 2.7%.

But to be honest, Craig, what we're seeing on the ground, prices have already dropped 10%, even 15% in some of the suburbs, particularly on the northern beaches.

So, I think the message here is that there's not one factor.

There's not one property market.

There's not one particular property type.

There's a whole confluence of factors that's either pushing the market forward or pushing the market backwards.

That's right.

Wow.

But that's off the bat, Craig, of a 38% increase over the COVID period.

Sure.

So, even if it's come back 15%, you're still up 23%.

That's right.

Look, Craig, a lot of people are saying, Rich, I'm just going to sit on the sidelines and just wait and see what happens.

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