Booming Western Sydney Suburb | Sydney Median House Price Was $197,000 in 1995
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What factors have influenced the growth of Western Sydney suburbs?
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Hey, it's the Real Estate Breakfast on another Monday, which is dropped and D-Day for a lot of people back to work for the first time this year. That might be you. So good luck to grinding it out today. It is a Monday, January the 19th. Hope the weekend was a good one. Watched the new Rip movie last night with Ben. Matt Damon and Ben Affleck, some very twisty turns that keeps this film moving along and how things have changed. A year ago, neither of these actors would have probably appeared on the Joe Rogan show, but there they were on Saturday talking all about their new movie, probably in part because Joe Rogan has changed his leanings towards Trump, so much so that he is now criticising Trump over his actions of ICE, especially the woman that was shot at point-blank range in the face and killed.
You know, America has elements to it at the moment that looks more like Russia with people being dragged off the street. And Trump continues to want Greenland now tariffing different European countries. Yes, when he wants something, he goes after it pretty hard. Nobody can deny him that. Now, Australia's rental market is finally hitting a bit of a speed limit. After years of sharp rises, rents are starting to flatten in parts of the country as tenants simply run out of room to pay more. And according to Domain, some capitals like Melbourne, Adelaide and Perth have seen war. rents stall, even though cities like Brisbane and Hobart are still edging higher. They say the market hasn't softened. It's just become far more fragmented, slower and driven by affordability ceilings rather than demand alone.
Well, we are back into the summer series coming next into the time tunnel we go.
You're listening to the Summer Series on The Real Estate Podcast.
Isn't it nice to be talking about borrowing capacity at the other end of the spectrum? You know, for such a long period of time over the last few years, we've been sort of going backwards with how much people can borrow and it should be even more good news. Well, it's good news now, obviously, because they're talking to their Mortgage brokers, very happy that they can borrow more. But come November, what a nice little springboard that is into Christmas with people getting busy to buy properties.
I was going to say early Christmas present, isn't it? Whether you're in the market to buy something or a bit more rate relief coming from the RBA. It's interesting though, we've still seen households hold up extremely well through interest rate rises from 2022 to peaking in November 2023. Things like reducing savings and putting more money towards mortgage payments were putting a little bit less into offset and redraw and putting more into principal and interest payments and also the savings buffers that were built up through COVID really saw a lot of financial stability during interest rate rises, mortgage arrears have remained quite low and now we're starting to see a bit of an improvement in household conditions as well.
That savings rate is moving back up, more money is going into savings buffers now. So I think we've gotten out the other side of rapid rate increases fairly well, which tends to come back to the pretty strong lending standards that we have in Australia. And that's supported stability in the housing market as well.
Let's dive in to the home value update for July, because you've got some details here for us this morning, Eliza.
Yeah, so in July, we got our end of month data showing another increase in national home values, despite the RBA holding at their July meeting. So nationally, home values were up 0.6%. It represents six consecutive months of growth. And more than that, we saw a very broad-based increase rising across every capital city market, Interestingly, led by Darwin with a very strong 2.2% result over the months. But we also saw the mid-sized capitals, Brisbane, Adelaide and Perth, continue to dominate the market. Brisbane and Adelaide rising 0.7% and Perth rising 0.9%.
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