Property Headwinds & Tailwinds
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It's the Real Estate Podcast across every state, city and town of Australia.
And welcome to another episode of the Real Estate Podcast available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcasts from. Well, July has arrived on our Friday morning. Yes. the 1st of July for 2022. And coming up, we're talking as always on a Friday to Rich Harvey. And today we're covering property headwinds and property tailwinds. Well, I see the Australian house prices continue to see widespread falls in June as interest rate hikes spark They say the sharpest slowdown in more than 30 years. That's according to a report from PropTrack's latest home index, and it shows national home prices fell 0.25% nationally last month. However, this is the big takeaway. Nationally, prices are still up 34% since March of 2020.
So it's all about keeping things in perspective.
Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30. It's the main centre forecast with propertybuyer.com.au.
All right, let's have a look at your weather for today around Australia. First, we go to Sydney and good morning to you. Expect the rain to increase today and your high of 15 degrees. Melbourne, the rain is back with one or two showers and 13. Brisbane, rain around two for your Friday morning, expecting 18 degrees. And Perth expecting the sunny blue is back again and 19 degrees is your forecast high. If you're celebrating a birthday today, Pamela Anderson, she is turning 55 years young. And Johnny Farnham, he's turning 73. Having a look at a couple of deaths on this day. It was on this day that Diana, Princess of Wales, died. She died at the age of just 36. We kind of forget just how young she was. And on this day in 2004, Marlon Brando died at the age of 80.
It was also on this day the birth of the Walkman. makes its appearance in stores for the very first time. This, of course, for the millennials, is the portable audio cassette player which was made by Sony and went on sale in Japan on this day in 1979.
We are just as addicted to property as you are. It's the Real Estate Podcast, across Australia, seven days a week. Let's Talk Property, a podcast series with Rich Harvey.
Well, consumer sentiment has really taken a nosedive in the last four months with the average consumer in Australia not feeling very confident about their economic future.
What are the current trends in Australian property prices?
I wonder why with rapidly rising inflation, interest rate hikes and share market instability all really taking a toll in the mind of a consumer. But is it all bad news? And what opportunities are out there right now in the property market? Well, let's carefully examine both the economic headwinds and the tailwinds. And I've got Rich Harvey, CEO and founder of thepropertybuyer.com.au with us. Must be a Friday morning. Good morning to you, Rich. Welcome back. Good morning, Craig. How are you doing today? Not too bad. I was just saying the headwinds might be Melbourne and the tailwinds might be Brisbane with that weather because, boy, there's two sides of the weather going on in Australia. It's a nice little juxtaposition.
Well, certainly, I mean. It's pretty cold. There's plenty of snow down in the Snowy Mountains at the moment and in the Victorian Alps, whereas it's still pretty crisp and chilly in Sydney, but Brisbane is still pretty mild. You know, I think they have pulled out a jumper or two there, I believe. But yeah, the weather is very much cooling down in most areas of Australia.
All right, well, let's have a look at the headwinds and the tailwinds this morning. What is happening with consumer sentiment and what does it really measure, do you think, in your mind?
Consumer sentiment, Craig, simply measures what people feel about the economy and the economic outlook both here in Australia and abroad. But the problem is we've all been living on this diet of like negative media news. And it basically leads most people to have a really negative outlook and really depressed outlook. In fact, I reckon we're all suffering a bit of what I call doom fatigue.
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