Oil Prices - Let’s Buy An Apartment
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What are the current trends in the Australian property market?
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, also on Spotify and Apple Podcasts, or wherever you get your podcast from. Well, I hope that you're enjoying your weekend. It's another Sunday morning, March the 27th, and another busy day up and down the country with property auctions. And if you're attending, good luck to you.
It's the main centre forecast with propertybuyer.com.au.
And in Sydney this morning, expecting a shower or two and expecting a high of 23 degrees. Melbourne, mostly sunny with 28. Brisbane, expecting a shower with 27 degrees. And in Perth, expecting a high today of 26 degrees and a shower or two is possible.
It's your weekend real estate podcast.
Well, economists predict the budget's deficit will be slightly better than the $98.9 billion estimated in the mid-year economic and fiscal outlook. Debt is edging towards $1 trillion, that's 45% of GDP. And there is likely to be a few big announcements to come from the Treasurer on Tuesday. But the government has already announced a string of cash splashes in the lead up to the budget.
How are rising oil prices influencing real estate decisions?
So more details are coming out this coming Tuesday. Shane Warne's state funeral is going to take place on Wednesday evening at the Melbourne Cricket Ground, which is where in 1994 Warne completed his famous hat trick. The MCG was also the venue Shane sneered his 700th test wicket on Boxing Day back in 2006. which incidentally was his final test before retiring. And this coming week, we're going to be talking with a cardiologist about taking care of yourself. I think the timing around Shane Warne's state funeral is something we should probably pay attention to. And there are now very accurate cardiovascular screening tests that are available freely to us that can detect early disease with preventative management.
So we'll take a look at that this coming week. And real estate agents working in cities outside of Auckland say that the housing market has slowed, but it is not decreasing. tanking the fomo scene over the last 18 months has disappeared and there are more houses being listed leading to more choice and less pressure for buyers this they say however is not a swing to a buyer's market but rather a more than even market that's comparable to pre-covid times And other factors playing into the market include higher petrol prices, which are making people look at properties closer to town, which is helping the apartment market. I reckon that's something that we probably need to watch here because If the oil prices are a long-term factor and there are people that have been weighing up whether to buy an apartment instead of a house, that could be a tipping point for many people deciding to buy an apartment because they want to work closer as a result of the oil prices.
So that's something we're going to watch over the coming months.
It's your real estate weekend podcast in review.
What does rent vesting mean for new property buyers?
And I think we have to respect that every generation is different. That's what makes us all incredibly interesting. But I think this idea of rent vesting is they can have that lifestyle, but they're getting their foot in on the ladder so that when they do, if they do want to be an owner-occupier, for example, they can sell that property or ideally they could keep it, you know, as equity. But if they do have to, they can at least sell it and they're in that market because I think the longer that people wait to access that market, the more and more challenging it's going to be. You know, We are expecting more moderate price growth in the years ahead, but we do still expect it to sort of increase, not to crash and burn.
You know, for somebody that used to live on the Gold Coast myself, I used to live in Southport, and I can tell you this anecdotal story that I should have bought this apartment back in 2012 in Runaway Bay. which was, from memory, I think it was like 24 squares. It was a two-bedroom, large apartment with office.
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Chapters
5 chapters
1
What are the current trends in the Australian property market?
0:02–1:29
2
How are rising oil prices influencing real estate decisions?
1:29–3:40
3
What does rent vesting mean for new property buyers?
3:40–5:13
4
How is the Gold Coast property market evolving?
5:13–6:35
5
What should homeowners consider when coming off fixed-rate loans?
6:35–7:24
Speakers
2 identifiedMore from Aussie Real Estate Podcast
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Australia Housing Market Stability: Low Mortgage Arrears and Minimal Negative Equity Explained
Australia Property Prices Rising: Construction Costs, Materials and Fuel Driving the Market