Economist Angus Moore - PropTrak
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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 iheart radio and also spotify and apple podcasts or wherever you get your podcast from Well, it's a Monday, June the 13th for 2022. And coming up in just a moment, we've got a prop track report with economist Angus Moore for the month of May with stats and statistical analysis. And I see on this day, June the 13th, back in 2003, cricketing enthusiasts are fearful for the future of test match cricket. The seeds of doubt were sown on this day when the furiously fast T20 format was introduced. If you're celebrating a birthday, you're in good company.
Tim Allen is turning 69. Chris Evans is 41. And Ashley and Mary-Kate Olsen, they're turning 36 today. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at Sydney weather first off and expecting a mainly fine Monday. Tell you what, the temperature's not that high for Sydney today, just 15 degrees. Melbourne, expect one or two showers. You're high the same as I think for the last three or four days. 13 is your high, Brisbane expecting fine and sunny with 21 degrees and in Perth today showers to ease and your expected high is 19. Enjoy your morning coffee. Wake up every morning to the Real Estate Podcast. If you've got a question that needs answering, you can email us at myrealestatepodcast at gmail.com.
And PropTrack have released a report for May which is quite comprehensive. The report says activity in property markets rebounded in May. coming off the long weekends in April. New listings in capital cities rebounded in May up 12% month on month after the Easter and Anzac Day long weekends impacted activity in April, and the increase meant new listings in capital cities were up 4.3% compared to the same time last year. And joining us is prop track economist Angus Moore to break down all of the numbers. Good morning, Angus. Great to have you back on the podcast. Perhaps before we get to the report, what did you make of the RBA half a percentage point increase last Tuesday? Good morning, and thanks for having me again.
See, we're in with the tough questions straight off the bat, which is great. I think I've been a bit surprised by how quickly the RBA has moved this year, and I don't think I'm alone in that. You know, even as recently as three or four months ago, the governor was saying he didn't think interest rates would rise until 2023. Clearly, that's not the case, and, you know, we're in a very different world. So... I don't think it was the wrong choice for the RBA to be moving the amount that they did. Clearly, inflation is picking up and is going to go higher again from even where it is at the moment. And that's what the RBA is reacting to. But the speed with which they've moved has caught me by surprise a little bit.
And there is a lot more coming too. I think the shock and awe as people have described it, it does feel like some grenades went off with this announcement with more to follow as I mentioned. Are you picking up on perhaps another rise next month like some economists? Yeah, exactly right. It's I think moving by 50 rather than the 25 or even 40 that I was probably expecting. In my mind is a clear signal from the RBA that they're going to move a lot quicker than perhaps we had thought. I'd be shocked if they weren't going to move again next month, having moved by 50 this month. How much they move next month, I think is open for debate. I'd be very surprised if they did 50 this month and then stayed pat next month.
Yeah, you kind of just wonder how spooked they are right now because of that inflation number of 5.1%. Certainly, that's what they're reacting to. And from what we can read in the minutes, they're getting evidence from their liaison program that wages are picking up as well, though we're yet to see that in the official wage price index data. Wage growth there is still pretty modest and well below the rate of inflation.
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