The Sunday Real Estate Week
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What are the highlights from the Sunday Week in Review?
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 iheart radio and also spotify and apple podcasts or wherever you get your podcast from Well, I hope your weekend is going well. It is a Sunday, June the 12th for 2022. Coming up in just a moment on our Sunday, as always, we reflect back with the Sunday Week in Review, looking back on some of the interviews over the last week. I see on this day in South Africa in 1964 Nelson Mandela is sentenced to life in prison. Also on this day in 1948 in his farewell Ashes tour, Australian cricketing great Don Bradman scores 138 in the first test against England at Trent Bridge.
Just thinking, wouldn't it be great to go down a time tunnel and sit and watch that batting performance this morning? Actually, any batting performance would be great to just sit and watch Bradman in real time. All right, let's have a look at your weather around Australia on this Sunday morning. It's the main centre forecast with propertybuyer.com.au.
How do weather conditions affect real estate decisions in Australia?
And first we go to Sydney, expecting blue skies and sunshine. A high today of 17 degrees. Unfortunately, the news is still wet for Melbourne, expecting showers and a high of 13. Brisbane, sunny and dry, 19 degrees is your forecast high. And in Perth, also some of the wet stuff, expecting some showers and a windy day and your high of 20 degrees. On the optimism side, people really do have to be tempered, don't they, with statistics and analysis? Yeah, that's right. Sort of the default way of thinking about housing markets is prices keep going up, but that's certainly not always the case. Particularly in Australia, we've seen a number of considerable housing downturns even just in the last five years.
And so you do always have to have one eye on the data to try and get a sense of where prices are actually going to go.
What data should buyers consider in a fluctuating housing market?
Yeah, and it brings me to this point because I can hear people saying, yes, the economists, though, they got it wrong with the COVID predictions of the market crashing. What do you say to that? Absolutely. We got it very wrong. Almost all economists got it very wrong. There's a range of reasons for that. In my lifetime, the most significant recession or economic downturn that I had experienced prior to the pandemic was the global financial crisis. My framework for thinking about recessions was really heavily influenced by that. In particular, lots of economists, ourselves included, were expecting unemployment rates to go to above 10% in lots of developed economies.
How can gut instincts play a role in property buying decisions?
I think we had 15% penciled in for Australia because we didn't have a good way of understanding what impact the pandemic was going to have on the labour market and on the economy. Obviously, as it turned out, the government did support jobs. The unemployment rate never rose too high and interest rates fell really sharply. And so while there was some small house price falls in the initial months of the pandemic, once People were able to go out and start viewing homes again. They had this extra money saved up. They still had their jobs for the most part because not that many people had been made unemployed. And people got out and started spending, if anything, more aggressively. And so prices have done really well in lots of developed economies, but Australia certainly hasn't.
Enjoy your morning coffee.
What legal considerations should parents keep in mind when helping children buy property?
It's your Real Estate Weekend podcast in review. There will be people who will say that they do their own market research and know markets well, but the moment in time, for example, where we are right now with shifting parameters, It always has a place and an important role when buying. In other words, you can't afford to be complacent with thinking that what was applied six months ago or even two months ago should be applied to rational valuations. Yeah, that's a very true statement. Valuations become dated and outdated very quickly as the market moves. For years, we've seen it moving upwards in a very aggressive way.
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Chapters
7 chapters
1
What are the highlights from the Sunday Week in Review?
0:02–1:23
2
How do weather conditions affect real estate decisions in Australia?
1:23–2:27
3
What data should buyers consider in a fluctuating housing market?
2:27–3:13
4
How can gut instincts play a role in property buying decisions?
3:13–4:05
5
What legal considerations should parents keep in mind when helping children buy property?
4:05–5:03
6
What COVID-related tax deductions should property owners be aware of?
5:03–5:50
7
How can changes in rental income impact property investment strategies?
5:50–11:37
Speakers
1 identifiedMore from Aussie Real Estate Podcast
Josh Tesolin Banned for 10 Years: What It Means for Australia’s Real Estate Industry
Australia Property Market Slowing: Interest Rates Impact Sydney and Melbourne Growth
How Higher Interest Rates Are Changing Property Buying in Australia: First-Home Buyers and Investors Respond
Melbourne Property Market Distortion: First-Home Buyer Stamp Duty Cap Driving Price Pressure
Australia Housing Market Stability: Low Mortgage Arrears and Minimal Negative Equity Explained
Australia Property Prices Rising: Construction Costs, Materials and Fuel Driving the Market