Chapter 1: What is the main topic discussed in this episode?
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, it's a Thursday, the 2nd of June for 2022.
And coming up this morning, we're going to be looking at a report into some of the best suburbs for first home buyers. Yes, they still exist. And the decision has come in from the Johnny Depp Amber Heard trial. Johnny Depp has won all three counts of the defamation trial. Jurors believed Johnny Depp and basically didn't believe Heard's testimony.
Of course, Johnny Depp wanted to clear his name and be vindicated that he was not a domestic abuser. and he has done that, and the court has awarded him $15 million in damages.
No doubt there will be a peel and a lot more of water to flow under the bridge, but one of the things that people are talking about this morning is that Amber Heard probably doesn't have $15 million and might have to file for bankruptcy. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at your weather around Australia today. Sydney, good morning to you.
Expecting some cloudy conditions and dry with 18 degrees. Melbourne, partly cloudy but dry conditions also and a high of 13. Brisbane, expecting cloud with 19. And in Perth today, one or two showers and your expected high is 20 degrees. across every state, city and town of Australia. The Real Estate Podcast.
Well, in this cooling market, is it a time for reflection for first home buyers to be thinking about other areas to potentially buy in, which will help them stress test their mortgages? Perhaps that is you. Well, first you have the initial recalibration of moving a suburb over.
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Chapter 2: What affordable suburbs should first home buyers consider?
Perhaps you've already done that with that recalibration. Maybe there's another suburb that you've got to go out. It's a really interesting talking point. And joining us this morning is economist Asti Martiasmo. And a very good morning to you, Asti. Welcome to the Real Estate Podcast. Hello, good morning. How are you? I'm pretty good.
Yeah, so it's an interesting question this, but first, before we get into that, I just wanted to ask you a little bit about the change of government. From an economist's point of view, what does that do to the demand now that we've got Labour at the helm?
Chapter 3: How did the Johnny Depp verdict impact public perception?
Well, it's definitely an interesting time because before the election was confirmed and we know that we have a Labor government, our confidence rate was actually pretty low. So the consumer confidence index was at 90 points, which is actually below the point that we were in prior to COVID.
So that actually gives you a bit of an indication that people really wanted to know what was going to happen to all of the federal budget government policies, any of the housing related policies that is currently up in the air because they're trying to make heads and tails.
And at the same time, the change of government also happened when people didn't really quite know whether the Reserve Bank is definitely going to be increasing the cash rate or not. Now that we have those things confirmed, so to speak, people can start planning again.
As I said at the top, perhaps first home buyers with the change of government should be looking at areas that they haven't yet considered. Now is the time to be doing that perhaps in this correcting market. Definitely. We have definitely seen a trend in capital cities, particularly Sydney and Melbourne, where Sydney is still growing.
It still has positive growth, however, not at the faster pace as before. Like if we look back six months ago and we are seeing some suburbs within Sydney actually, you know, going down a little bit in terms of price. So Sydney as a whole is still growing, but at a slower pace and we're seeing certain suburbs within Sydney starting to decline in their median prices.
Melbourne as a whole, we're actually seeing a decline in price, both for houses and units. And so that does mean it creates opportunity for first-home buyers to get into the market. We're seeing the exact same thing in Hobart. We're seeing it in the Gold Coast. Brisbane is probably the only capital city where the prices are still growing strong.
And that would, again, still open up the possibility for first-home buyers because Brisbane market is pretty much half of Sydney when it comes to prices. So tell us a little bit about the report that you did, because for first-home buyers having a listen to this, they'll be very curious as to where some of the more cost-effective areas are that you highlighted in your report.
It's kind of one of those reports that challenges your thinking, I suppose, in terms of where would be not only the best place for me, but also the most economically possible place for me. And that place may not be somewhere that you've known all your life or somewhere that you've set your heart and mind into or somewhere that is kind of like your dream sort of suburb or your dream area.
So this particular report, we've considered every single suburb in Brisbane, Sydney, Melbourne, Hobart and the Gold Coast. We've made sure that the prices, the chosen suburbs have a price that is lower than the capital city that is in. So, for example, if it's a suburb in Brisbane, then it has a lower median price than the Brisbane metro price. Same thing with Sydney, same thing with Melbourne.
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