Mortgage Dangers
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What mortgage trends and market update kick off the episode?
It's The Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings.
And welcome to another episode of The Real Estate Breakfast, available on iHeartRadio every morning and also on Spotify and Apple. And wherever you get your podcasts from, we are on all of them. Wednesday morning is back with us. It is the 12th day for October for 2022 and coming up we're looking at mortgages and the affordability factor with Vaughan. Our first home buyers putting themselves under the pump too much to get into the market. We'll find out more about that in just a moment. PropTrack's September home price index is out. It shows that home prices have slipped by 3.3% nationally since their peak in March of this year. Of the 88 regions in Australia, 77 have seen property price declines. The Barossa, York, Mid-North Region and Regional South Australia and the Mackay, Isaac, Whitsunday and Regional Queensland are among the areas that are still experiencing price growth.
PropTrack September Home Price Index also tells us homes in West and North West in regional Tasmania and Central West in regional New South Wales are also at new price peaks. While home prices are genuinely falling, they say, across the country, they are still a lot higher than pre-pandemic times. And demand for more affordable regions have resulted in regional areas doing better than capital city areas in 2022. And this is also interesting. When comparing current home prices to their respective peaks, prices in the regions have only fallen by 1.4% on average, while capital city prices have fallen by 3.7%. And there's some takeaway in that.
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And let's have a look at your birthday calls today. If you are celebrating today for October the 12th, have a fantastic Wednesday. Marion Jones, you remember her? She was the American sprinter. She's retired now. She's on the birthday call. She is turning 46. And our very own Hugh Jackman, he is on the birthday calls and turning 53 today. And from the history books, we go back to 1999. It was the day of the sixth billionth living human in the world that was born on this day back in 1999. Where are we now? Well, it's 2022 and we are a shade, just a shade under $8 billion.
We talk with leading property commentators with analysis, predictions, forecasts and what's trending every morning from 6.30. Music It's the main centre forecast with PRD, selling smarter every day.
And checking on your weather around Australia. First, we go to Sydney. Good morning to you. Expect a little bit of cloud cover, but it should be mainly dry today. 21 is your forecast high. Showers developing, unfortunately, for you in Melbourne. 21 is your forecast top. It's going to be a mainly dry day in Brisbane. A little bit of cloud, 24. And in Perth today, mainly dry and fine with 21 degrees.
How have national and regional home prices changed according to PropTrack?
It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast.
Well, we talked last week about the changing fate of the first home buyer because of the shifting tide around just how much they can borrow because of the rising interest rates. Plus, buyers are much less likely to want to loan the full maximum right now because of the current market situation. And of course, last week, the RBA raised the cash rate by 25 basis points, raising once again the amount of repayments for lenders. And remember, last year's money was cheaper to borrow, and that just isn't the case now. People are taking a much more cautious approach. So let's welcome into the Real Estate Breakfast this morning Vaughan Clark from Clark Finance in Melbourne there. And a very good morning to you, Vaughan.
Welcome to the Real Estate Breakfast.
Good morning, Craig, and good morning, listeners.
So is that a fair representation of what you're seeing and dealing with there in Melbourne, buyers not pushing themselves to that full maximum, I guess, out of fear?
Certainly, Craig. Yes, we work with our buyers because we're concerned that if they go to their maximum loan amount and then successful at buying a property one or two months down the track, the bank may reassess their circumstances and they can no longer borrow the money required.
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