Chapter 1: What is the main topic discussed in this episode?
It's the Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of the Real Estate Podcast on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcasts from. We'll be right back. And I see that more profile building companies are falling over and calling in the receivers.
Chapter 2: What are the current challenges in the Australian building sector?
Unfortunately, thousands of jobs around Australia in the building sector have already been affected with shutdowns. And commentators are predicting it's going to get a whole lot worse before it gets better. With one research company saying that insolvencies are trending upwards in the house construction industry.
And it predicts that house construction company numbers will decline by 9% in 2022-23. And the NAB has said that construction is now the most concerning industry on the bank's portfolio. And you just know that there is a significant problem when a bank highlights that. From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast.
It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at your weather around Australia on this Sunday morning. First, we go to Sydney, expecting another fine and sunny day, a high of 20 degrees. Melbourne, the rain is back, so is the lower temperature, just 13 degrees. Brisbane on your Sunday morning expecting blue skies and a high of 23 degrees.
And in Perth expecting a fine and sunny one and your high of 22 degrees. It's your real estate weekend podcast in review. And what are the vendors saying? Because they've got to be pretty happy when you're saying before you get the auction underway that seven registered bidders are there at their property ready to go. Yeah, look, I think that's always a good sign for those guys, to be honest.
They were very happy, you know, leading into the actual auction itself. It sort of gives them confidence that, you know, whatever price they get at the auction is, you know, is almost guaranteed to probably be the best price that's out there at the moment. And, you know, tomorrow it will be one month since we all went to the polls on election day.
So four weeks on and, you know, things are a little bit better, aren't they? Yeah, yeah, definitely. I would agree with that. I think, you know, the weekend, I think pretty much leading up to the election, the month of May, it was pretty...
particularly tricky i think for for a lot of the campaigns we had on the market just due to that and uncertainty you know rates and also the election and then as soon as that election sort of had been done and finalized with you know there's definitely been a bit more sort of confidence has come back amongst the buyers as i sort of said before yeah are you starting to see any downsizing taking place with the people that you're interacting with
Yes, yeah, definitely. You know, I think we've had a few more. Like you said, the cash price probably isn't what it was last year. You know, a lot of those sort of homeowners have owned in the area for a long time.
So there's still, you know, whatever they're getting out with may not be as much as last year, but it's still quite a good sum in view of what's happened over the last few years in the market. And the average Sydney mortgage is around the 800k mark, but a lot of transactions of vendors selling in Sydney are carrying a lot less debt.
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