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Chapter 1: What is the main topic discussed in this episode?
Today's episode was made possible by our friends over at CommBank. Ready?
And good morning. This is the Daily Oz. This is the Daily Oz. This is the Daily Oz. Oh, now it makes sense.
Good morning and welcome to The Daily Oz. It's Thursday the 4th of June. I'm Zara Seidler. I'm Billie Fitzsimons. Everywhere we turn, it feels like there is talk about house prices, the housing crisis and what the hell is going on.
House prices in Sydney, Melbourne and even Canberra have fallen slightly in May as housing prices slow down across the country.
This week, though, we received the latest figures on house prices across the country and the stats included the fact that housing prices have actually gone down in some major cities. In today's podcast, we are going to explain what those stats tell us, where they actually pertain to and what it means for the broader economy.
But first, here's a quick message from our wonderful head of partnerships, Tom.
Hey, I'm Tom, Head of Partnerships at The Daily Oz. I lead the team that works with our amazing brand partners to keep the lights on here. And I mean that genuinely. As an independent media business, partnerships allow us to keep doing what we love. You can help us grow by hitting follow or subscribe wherever you're listening or watching this podcast.
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That was a great debut from Tom.
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Chapter 2: What recent trends are affecting house prices in Australia?
It was a great debut from Tom. We in the office don't say the word debut properly and everyone's just going to have to get used to it. But he did wonderfully. Shout out to Tom.
All right. So today's news is about house prices. Yeah. And for as long as we've been doing this podcast, we've been talking about the fact that house prices have been going up and up and up, especially in Sydney. And today's news is that at least for the month of May, they actually went down.
Chapter 3: Which cities are experiencing a drop in house prices?
They went down. Tell us about this latest data.
Yeah, so for anyone living in Sydney, I think this would be quite shocking. We, as you said, have just heard for years and years and years about how expensive it is to buy a home. And I guess let's start by not suggesting that that's not the case. We still know that house prices are at record highs. However... On a month-to-month basis, we have now seen a drop in certain cities.
So as you alluded to, those cities are Sydney, where house prices fell by 0.9%, again, from a very high point, but still a drop's a drop. We'll take it. And in Melbourne, where house prices dropped from 0.8%. Now, the reason that we're able to get a sense of this month-to-month data is because there is a research firm called Cotality. Never said that word out loud.
In my mind, they'll always be Kologic, which is what they used to be called. They had a rebrand. It went better than our rebrand did because they've stuck with it and we abandoned ours shortly afterwards. But they basically track housing prices and sales across the country. And so that's how we're able to get this sort of data. And so we got this data from all the cities on the monthly basis.
So again, 0.9% and 0.8% were a fall on the previous month. But overall, annualised... house prices are still up overall in Sydney and Melbourne. And in Sydney, house prices are up 2.2% annually and in Melbourne, 0.7%. But I don't want to confuse people by talking about annual and monthly.
So I think we just stick to monthly for the sake of this discussion, because I think that it kind of shows you more of those micro trends and what's happening on a smaller level month to month that might be shaping the way that housing prices are going.
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Chapter 4: What factors are contributing to the slowdown in the housing market?
And just before we go to why and what actually happened in May that could have caused this, so far we've only spoken about Sydney and Melbourne, but there are many other cities in this country. There are. Good observation. What about those cities?
Yeah, so they didn't have drops. Sorry for the rest of our listeners. So housing prices rose in Perth and Darwin, which both recorded the strongest monthly growth at 1.5% each. followed by Brizzy and Hobart at 0.9% and Adelaide at 0.5%. And in news that will surprise nobody, Sydney remains the most expensive city, median house price being $1.28 million. Very expensive.
Yeah, very humbling statistic to read out loud.
I have a question. Yes. It doesn't have to be on the mic.
Yes, it does. It's always on the mic. Hello.
We're not cutting this out. Like how rare is it to have a monthly drop like this? Do you know when this last happened? I do know. It was earlier this year. Okay, so it's not like unprecedented.
Was it in Sydney and Melbourne? Yes, from memory it was still in Sydney and Melbourne. I know that Melbourne has been struggling more than Sydney in price growth. It's so funny to hear struggling because like the houses are struggling but people are struggling more. I didn't want to pull you off on it but you've been using very positive language about this.
Yeah.
And obviously there are some people who aren't so happy about it. And The Daily Oil tries to be unbiased and you've been framing it. What has been my positive? Oh. You've been like, oh, we're so sorry to everyone else in the country for the price growth. Which is a fair point. Interesting. And very relevant to our audience.
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