Double Bay And Geelong Properties
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It's the Real Estate Podcast across every state, city and town of Australia.
And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning and also Spotify and Apple and wherever you get your podcasts from. well welcome to a thursday rubbish day at my place it is the 11th day of august for 2022 and coming up we're going to be talking to a couple of real estate directors one is representing geelong and the other is in Double Bay in Sydney. And what we're going to do is check in and take the pulse, the temperature check, if you like, of those two areas for comments about their local markets. I see yesterday the Commonwealth Bank has announced a 9% increase in profits despite a fall in its margins. CBA says most of its customers are able to cope with rising interest rates.
I guess the The problematic piece that I read is the 37% of people that are less than a month ahead of their repayments. And the bank also noted on the flip side that there was more than a third of its mortgage customers who were at least two years ahead of their repayments with around half at least three months ahead of their repayments. And the CBA Chief Executive Matt Cummin told the ABC yesterday that he expects an economic contraction but no recession and expected the household spending downturn will be enough to shrink the economy later this year. And those increases, he says, in the cash rates are likely to have and continue to have quite a pronounced effect on on the economy, which is kind of code for watch the space.
If you're celebrating your birthday today on this day of the 11th of August, have a great Thursday. You share it with local boy Chris Hemsworth. He is turning 38 years young today. Hulk Hogan is turning 68. And it was on this day, unfortunately, that Robin Williams passed away back in 2014.
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All right, let's check on your weather around Australia on this Thursday morning. Firstly in Sydney, partly cloudy, but it's going to be mainly dry today. 19 degrees is your forecast high. Melbourne expecting a few pieces of rain. 15 is your forecast top. Brisbane, another sunshine, blue sky day. 22 degrees is your forecast high. And in Perth, expecting a little bit of cloud around, but no rain and your high of 19 degrees.
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Well, we know that the regions around Australia have been performing pretty well and they have started to fall back a little bit in the current market. But you look at a suburb like Googong, which is near Canberra, it's recorded one of the highest annual increases in the median house prices out of all suburbs in Australia. That's according to new data from the Domain House Price Report for June quarter. If you look at this particular suburb, its median house price increased by 58.1% to exactly $1 million in the 12 months to June for 2022. It's not bad. Other areas are also going up, they're going down, they're going sideways. So let's do a little bit of a temperature check in on Geelong in Victoria with Nick Lord, who is the director at Maxwell Collins in Geelong there.
And a very good morning to you, Nick. Welcome to the Real Estate Podcast this morning. Nice to be speaking with you, Craig.
Thank you for having me.
Now Geelong is one of those regions that has seen a lot of people moving, especially families, professionals and the likes out of Melbourne, going and resettling in Geelong. Of course we've got the slowdown. How has that been fearing of late?
Yeah, look, we've had an exceptional two and a half years as I think sort of a lot of markets across Australia have been quite buoyant. If we look back, it's certainly been underpinned by the COVID wave and the mass exodus out of Melbourne. Historically, Craig, probably 10 to 15 years ago, we'd say a lot of young people moved back from Melbourne, but had a family connection in Geelong and returned for support and affordability.
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