Melbourne Sydney Slowdown
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What recent trends are impacting the Sydney and Melbourne property markets?
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 another weekend and maybe a busy day for you in the housing hunt or attending an auction somewhere across Australia on this Saturday, the last day of the month. Yes, the 30th of April for 2022 today. Tomorrow is the start of May. The year is steaming ahead. Coming up, we've got a property report that has been released by Domain and we'll be talking to the author of that report. Hey, don't forget to join the Real Estate Breakfast Club.
As a member, you'll get to hear some exclusive real estate content which only the Real Estate Breakfast Club members will have access to. And there's going to be some great stuff to win.
How has the pandemic influenced housing demand in Australia?
including luxury weekends away, all you need to do is email us to this email address, myrealestatepodcast at gmail.com. Again, myrealestatepodcast at gmail.com and put in the header, The Real Estate Breakfast Club. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at weather across Australia. And in Sydney today, expecting some rain and a high of 24 degrees. Melbourne, it's going to be cool with just 18 degrees and partly cloudy. Brisbane, expecting a shower or two with 27 degrees. And in Perth today, expecting a sunny day, a sunny Saturday and a high of 24 degrees. It's your weekend real estate podcast. Well, Domain have released a report with the title, Price Growth Slows in Sydney, Melbourne and Canberra as Australia Adjusts to a New Normal.
What factors have contributed to the slowdown in property price growth?
Joining me this morning is Domain's Head of Research and Economics, Nicola Powell, to discuss this further. Nicola, welcome to the Real Estate Podcast.
Hello, Craig. Thanks so much for having me here. It's great to be on.
Well, it's great to have you on. And if we need more proof that Australia is adjusting in the property market to a new normal, all you have to do is read the first line in your report, which says, and I quote, is 10 times slower this quarter compared to last, suggesting the property boom is on the cool down. So if we look at the turn in the market, what for you have been some of the standout factors that have surprised you the most?
I think I've learned one thing when analysing property since the pandemic began is to not be surprised by any trend because, you know, what we've seen in our housing market since the pandemic began, you know, has been, I think, a surprise for all.
Why are houses outperforming units in Sydney's real estate market?
You know, we have seen extreme rates of property price growth. We saw the ability for people or knowledge-based workers to work from home and that really changed demand in our housing market and opened up locations where people could purchase. And, you know, we saw that play out in extreme rates of property price growth in, you know, many areas across Australia. And I think the biggest thing that surprised me is, you know, we have seen our capital city markets or Australia, our major capital city markets have been synchronised. So that means they were all growing. That's the first time we've seen that since post-GFC. And I suppose 2022, the biggest surprise has been we're now back to our capital city markets operating on multiple speeds.
So we're seeing different rates of price growth and even different directions of price growth come out across our big cities. So Brisbane and Adelaide are recording the strongest rates of house price growth, while we've got weaker conditions coming out of Sydney, Melbourne and Canberra.
What are the current conditions in the Melbourne housing market?
Yeah, that's quite interesting, the way that the speeds are different. And let's just have a look at Sydney from your report, which said that despite losing greater momentum, Sydney house prices continue to outperform units in the last quarter and have grown over four times faster annually, a disparity that retains a record price gap between the property types. What do you think is happening there for that to be happening?
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Chapters
7 chapters
1
What recent trends are impacting the Sydney and Melbourne property markets?
0:02–1:04
2
How has the pandemic influenced housing demand in Australia?
1:04–2:08
3
What factors have contributed to the slowdown in property price growth?
2:08–3:11
4
Why are houses outperforming units in Sydney's real estate market?
3:11–4:13
5
What are the current conditions in the Melbourne housing market?
4:13–5:16
6
How are buyer behaviors changing in response to market conditions?
5:16–6:10
7
What predictions can be made for the future of the property market?
6:10–9:10
Speakers
2 identifiedMore from Aussie Real Estate Podcast
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