Chapter 1: What is the main topic discussed in this episode?
It's The Real Estate Podcast brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of The Real Estate Podcast, available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcast from. Well, it's Tuesday, the 3rd of May for 2022.
Chapter 2: What is the main focus of the property report for Canberra, Hobart, and Darwin?
Coming up, we have the third episode from Domain's report that we have been highlighting with Nicola Powell. And this morning, we're going to be taking a look at Canberra, Hobart and Darwin markets. We've already covered off the metros like Sydney, Melbourne and Brisbane. And if you missed the earlier two episodes...
All you have to do is go back to the weekend's podcasts and you will find them on Saturday and Sunday's podcasts. So that is coming up very shortly. But first, let's check out the weather around Australia. It's the main centre forecast with propertybuyer.com.au. And first to Sydney expecting a mainly fine day today, a high of 24 degrees.
Melbourne partly cloudy and becoming a little bit windy with 21 degrees. Brisbane also cloudy patches and 25. And Perth this morning expecting possible smoke again with a high of 23 degrees. If you've got a question that needs answering, you can email us at myrealestatepodcast at gmail.com. Well, Bill Gates is in the news making predictions that we might not have seen the worst of the virus yet.
He says we're still at risk of this pandemic generating a variant that would be even more transmissive and even more fatal. Although the good news is that he says it's not likely and he doesn't want to be the voice of doom and gloom. But he does say that it's way above a 5% risk that this pandemic we haven't seen the worst yet. And Gates also threw a bit of praise on Australia's COVID response.
He says Australia's ability to quickly implement restrictions allowed it to suppress COVID cases early on. He went on to say that if every country does what Australia did, then you wouldn't be calling the next outbreak a pandemic. And of course, you only need to really look at America to see the other side of the coin and how badly it can go.
Well, the first quarter of 2022 has posted a stronger result around inflation, which of course means that the Reserve Bank of Australia is under increasing pressure to raise the cash rate. And joining me later on this week is going to be CoreLogic's Head of Research, Eliza Owen, to discuss this and also drilling down and looking at some of their findings.
We feature market updates, interviews and trends. It's your real estate podcast for breakfast. In Canberra, it's been pretty eye-watering in terms of the level of price growth. We've seen house prices rise 45% since March 2020, which is the second highest rate of growth compared to all of our other capital cities behind only Hobart, which is up by 46% since March 2020.
I think what I would say for Canberra, it is a stark difference. It really shows that the slowdown is occurring and we're seeing momentum loss because prior to this, house prices has risen for seven consecutive quarters. So it is a stark difference. In fact, house prices have fallen over the quarter. We're starting to see that rebalance of supply and demand.
I think affordability is constraining buyers. And I think that we are starting to see new listings lift. So it is giving a bit more choice on the market. And if you're in Hobart and Darwin, don't worry, we've just about got to you. Firstly, though, let's get to Hobart, where house prices hit a record high with an increase of 4.3% over the last quarter.
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