Optimistic First Home Buyer
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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 iHeartRadio and also Spotify and Apple Podcasts, or wherever you get your podcast from. Well, I hope you had a great weekend. How quickly a Monday rolls around. The 16th of May for 2022. And coming up in just a moment, we're going to be talking to a first home buyer who is in the market and hoping that the needle is starting to move in her favour with the market shifting. Also, terrible, terrible news yesterday about Andrew Simons as a result of a car accident. First we had Rodney Marsh, then Shane Warne and now Andrew Simons.
If it really does come in threes, let's hope it stops there. Simons was such a great all-rounder and a fierce competitor. He played 26 tests, 198 ODIs and 14 2020 Internationals for his country and was part of not one but two winning World Cup sites. And he made his ODI debut in 1998, playing for more than a decade for Australia, then finally retiring from all cricket in 2012. So a very, very big loss yesterday. Rest in peace, Andrew Simons. It's the main centre forecast with propertybuyer.com.au. And looking at today's weather for Sydney. First we go, blue skies and sunshine today. A high of 24 degrees. Melbourne, grab the raincoat or the brolly. Possible rain turning up on your Monday morning with 17.
Brisbane also some rain in the forecast and some morning fog a high of 28 degrees and in Perth some cloudy patches but mainly dry and a high of 22 degrees. Enjoy your morning coffee. Wake up every morning to the Real Estate Podcast. And as we know, the RBA raised the cash rate to 0.25 percentage points, which means that someone with a $500,000 mortgage is going to see their repayments rise by about $65 next month. But there are two sides to the coin with the property owner's not so happy. And then there are the first home buyers on the other side of the coin who are looking at the rise and saying, well, this could be a little bit positive. And Elise Cochran is a first home buyer and we welcome her this morning to the Real Estate Podcast.
A very good morning to you, Elise. Welcome. Good morning. Thank you for having me. So you've waited a long time for the rate rise. What does it mean for you as somebody trying to buy into Sydney? I am a little bit excited, but also very cautious because I've heard this before, especially in the areas of Sydney that I'm looking in. There tends to be this hope amongst first home buyers. And I can tell this anecdotally based on sort of my friends that I've spoken to over the years, there's always this hope that there might be a big drop so that we can finally get into the market. And it just doesn't seem to happen in the eastern suburbs of Sydney as much as I had hoped. But I'm still, I guess, grateful that it may not go up and I could probably still afford to get into the area that I'm hoping to get into.
I guess off the back of that, what is your thinking around waiting to see if there is any downward movement on prices? Are you prepared to sort of wait to see if that happens? Or have you got the mindset of let's just crack into it? It's a very good question. And I'm sort of of two minds. I have pre-approval. So I feel like maybe there's a bit of urgency for me to try to get in. But I am also thinking it's probably best to sit back and wait. The risk averse person in me is saying, just let's see what's going on. I read an article in the Fin Review that said they're anticipating that it's going to keep rising until next year. So theoretically, I should definitely wait. Yeah, risk averse. That makes it doubly hard, doesn't it?
Exactly, which is probably why I'm 34 and still not in the market. Right. Okay. Well, you know, you're making gains. And as a first home buyer, is it a little bit like someone watching the share price daily to see if the rate rises going up and down? Has it been a little bit like that? I've become a little bit obsessive on domain and real estate, just thinking maybe this next apartment is it.
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Chapters
2 chaptersMore from Aussie Real Estate Podcast
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