December 19, 2024 • 17 mins
- Bushy Martin from Realty Talk and KnowHow Property Finance speaks about a decade of property lessons
- Simon Croft, Chief Executive, Industry and Policy at HIA shares the findings from the recent HIA housing round table
- Nicola Powel, Head of Research and Economics at Domain reviews Domain's end of year wrap
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Episode Transcript
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Speaker 1 (00:01):
Cameron Renee's Real Estate Show on Mix one oh six
point three be the envy of Canberra. Live in de
burgat Northboorne Village by JW Land now selling.
Speaker 2 (00:10):
Hi there, it's Cameron Renee here.
Speaker 3 (00:12):
Each week on Mixed one A six point three we
present in the Mixed Oney six point three Real Estate Show.
Speaker 4 (00:17):
We speak with the industry experts leaders in Canberra, property
national analysts and arrange above property specialists.
Speaker 1 (00:23):
So let's take a listen to some of the things
we looked at in last Saturday show.
Speaker 5 (00:28):
Next week you're going to be looking at the year
in real estate and how it's been traveling and those
sorts of things. But today we're going to go a
little bit more than just one year. We're going to
see about some opinions of a decade of property lessons,
so whole ten years.
Speaker 4 (00:44):
And as I said a few minutes ago, this by
a person who has been around for quite a few
decades made it's.
Speaker 6 (00:50):
Not that bad anyway.
Speaker 5 (00:52):
We're talking to the one and any pushing Martin's from
realty Talk and know how property finance.
Speaker 7 (00:56):
Good morning Bushy, Hey Cam made I shall put on
next today. Can you just watch out there back in
my day.
Speaker 4 (01:04):
Okay, mate, So on your Realty Talk podcast recently, you
did exactly this. You looked at a decade of property lessons.
So what's the biggest change I've seen over.
Speaker 2 (01:13):
The last ten years.
Speaker 7 (01:15):
Yeah, Well, Kevin turnerline and Kevin's a bit of a
living legend. He has been involved in property and radio
to nearly fifty years, would you believe. So we have
both been around since Moses was a boy in that respect,
so it's never a dull moment. But I reckon we've
seen more changes in the last ten years than the
last fifty combined across just about every aspect of the game, guys.
But the biggest change over the last decade has been
(01:37):
the availability and accessibility of digital property data and information
right on our phones in the palm of our hands,
which has actually allowed instant access to see more and
understand more and make much better informed property decisions, which
has lifted everyone's awar us an interest in property in housing,
so very exciting times.
Speaker 2 (01:54):
Yeah, yeah, and very shortly.
Speaker 4 (01:56):
Doctor Nicola Powell, who was a data scientist and former
co host on the show, She's going to honest and
she just loves the numbers bushy, So You're absolutely right,
and just the ease of access is astonishing, isn't it unbelievable?
Speaker 7 (02:08):
I just love that you can find it anything, anywhere, anytime. Now,
it's an exciting time.
Speaker 2 (02:13):
Of being property.
Speaker 5 (02:14):
Now. People might have seen that maybe coming as technology
was getting more and more advanced in those sorts of things.
But is there something, a big thing that's happened that
property commentators like yourself just didn't see coming.
Speaker 7 (02:26):
Yeah, a couple of things. And the obvious thing, obviously, Maddie,
is the economic shop of the pandemic, which is pretty
much accelerated and provem that bad news is always good
news for the safety of property. But there's a biggest
thing that we all missed that ovid's actually turbo charts
with the tipping point convergence of a number of trends
coming together around digital data, social media, property podcasting, and
(02:49):
the ship from backyard to borderers buying. And that's the
rise and rise of high profile national bias agents who
are now being able to herd the hordes into sort
of phone though. If you'll eating frenzies that are moving,
making and actually shifting property prist movements in selected hotspots
around the company like we've just seen in person Adelaide
in the last couple of years, which is very much
(03:10):
like the big institutional traders in the stock marketpanies who
actually use their trading buying ins to move share prices.
Speaker 3 (03:15):
So it's going to be really interesting to see where.
Speaker 2 (03:17):
This all goes.
Speaker 5 (03:19):
Things would be very interesting to see what happens. But
as we said, COVID really changed things and we're still
feeling the effects of it a little bit.
Speaker 4 (03:26):
Yeah, and I think also with buyers agents, I mean,
but I'd be interested on your take on this as well.
They can be very very powerful and can really help
people who are buying as well, can't they.
Speaker 2 (03:34):
So there's good and bad, right.
Speaker 7 (03:37):
Oh, I want to understand and I'm only talking about
the select view, but buyers agents are good buyers agents
and are there some very good ones out there can
make a massive difference to improving outcomes for property buyers.
So I'm not integrating them at all. I'm a big
apic of the bias agents, but I haven't seen the
shift given the ability to manipulate the exercise. Now, some
(04:00):
who perhaps looking at their interests more than media invest themselves.
Speaker 4 (04:05):
What's the number one lesson you've learned in the last
ten years.
Speaker 7 (04:09):
Well, it doesn't change. What we learn from history is
that we don't learn from history, guys, because of the
more things that appear to change on the surfaces of property,
the more they actually made the same. So underneath all
of the short term noise and the meaningless talk about
property markets and medium price moments, along with these pretty
much constant stream of gloom and doing property bust predictions
that actually never happen, and the end loss talk about
(04:31):
the latest new property fans, tactics and technology. Just like
the Emperors new crows, guys, the naked fundamental big opportunity
and property remains absolutely the same because we're all still
driven by our primal instincts of fear and Greek. So
as long as we live in houses, there's always going
to be great opportunities and property to create our own economy.
And the bigger property problem we solved that, are we
going to do so lots of property fun in store.
Speaker 6 (04:53):
Oh it sounds like it now.
Speaker 5 (04:54):
You said that there's more that happened in real estate
and property in the past ten years than fifty. Do
you feel like that's going to be the same for
the next ten years.
Speaker 7 (05:02):
Even more so, Maddie, because given the accelerating advances being
made with AI, machine learning, and big data, where everything
we do with property is going to change. Ads The
problems the prop tech and the fintech industry in particular
are solving a really deep and many now with amazing
work being done to fix the pain points, and we
all better ways to build, buy, sell, rent, developed, transact
(05:24):
and manage property. Everything is going to continue to get better,
which means very exciting times ahead for each and every
one of us.
Speaker 5 (05:32):
Oh, we're going to have to stick around and wait
to see what happens in the next ten years. But
we're not going to wait that long to talk to
you because you're going to be on next week as
well to discuss the past year. But Bushy, thank you
so much for joining us this morning.
Speaker 2 (05:44):
Thanks guys.
Speaker 7 (05:44):
I hopefull I will live long enough to see that
next week.
Speaker 6 (05:47):
I'm sure you will.
Speaker 2 (05:50):
It's all right, mate, We'll will you into the next team.
Speaker 6 (05:52):
Is you see.
Speaker 5 (05:56):
There's Bushy Martin who's some realty talk and know how
property finance, discussing decade of property lessons. Now here's a
fun little fact for people eight point six million, aka
a third of the population and now living outside metro areas.
Speaker 2 (06:12):
So there's some big cities like Sidney, Melbourne, Brisbane, et cetera.
Speaker 5 (06:15):
Yes, and HAHAA recently hosted a housing round table which
was in Bendigo that focused on the importance of targeted
housing plan for regional Australia since so many people are
moving and living there now. And to talk to us
about what happened in the findings and all that stuff
is mister Simon Croft. He is the Chief Executive Industry
and Policy at HIA.
Speaker 8 (06:32):
Good morning Simon, Good morning camera, Mattie, thanks for having
me on, No, thanks.
Speaker 6 (06:36):
For joining us.
Speaker 5 (06:37):
So this roundtable that happened, what was the number one
theme that came out of it?
Speaker 8 (06:43):
Yes, it was probably more like a rectangle table than
a round table. These are but yeah, we had Senator
Bridget McKenzie who's the Shadow Minister for Infrastructure and Regional Development,
and at that roundtable that was hosted with sort of
Bendigo committee members, they announced it as part of the
five billion dollar Enabling Infrastructure or last mile infrastructure, but
(07:04):
thirty percent of that will be targeted towards housing in
regional Australia, which is a really important investment and consideration
because as you mentioned, regional housing is absolutely booming and
it's only going to grow in importance going forward.
Speaker 2 (07:17):
It's really interesting, though, isn't it.
Speaker 4 (07:18):
I've hosted a number of these sort of you know,
conferences and roundtables around Australia with all sorts of different organizations.
So it's one thing for you know, these people to
come out and say, yes, we're going to concentrate on
the housing, but they sort of then don't talk about
the infrastructure that is just so important that needs to
go with that. And then are there the other amenities
like schools and shops and all of the community organizations,
(07:41):
and so it's a very very difficult thing to balance,
isn't it.
Speaker 8 (07:46):
Absolutely? And you know what our members tell us all
often is that they can build the homes faster than
they can get the power, the water, the sewer, those
access roads to the housing, so they can build the houses,
but you know, sometimes they're putting generators on them. So
this is a really important investment. And we saw something
just more locally over the this coming week that you know,
the Federal member for Edam and Arra Christi McBain was
(08:09):
there in Yas and they announced it thirty six million
towards you know, the water treatment facilities there which will
then boost the housing there. So it's you know, it
is really critically important to service these communities.
Speaker 6 (08:21):
Yeah, one hundred percent.
Speaker 5 (08:22):
Now, we we've been teasing all morning about the biggest
cohort of Australians that are moving into regional cities.
Speaker 6 (08:28):
Cam, do you want to reveal the answer?
Speaker 2 (08:30):
Well, so it's millennials. Is this correct?
Speaker 4 (08:32):
And I've had a conversation with a number of sort
of again leading real estate agents around Camber this week
talking about this and they're going, no way, it can't
be millennials. So tell us a little bit about these
and these findings.
Speaker 8 (08:43):
Yes, I really like this one. So Australis population is
twenty seven million and as you mentioned, eight point six
of that is people living now in regional Australia. And
it's not what people think that it's you know, the
pre retirees or the sea changes of the tree changes.
It's millennials that are moving to towards these regional areas,
you know, for cost of living, relief, access to types
(09:04):
of housing that they want, jobs, you know, and flexibility
with work from home and were flexible working but being
connected as part of their community as well. So you know,
it is a really important consideration going forward that we
need to ensure we have the housing for these people
who want to move there, and we can only see
that it's only going to grow.
Speaker 6 (09:23):
Yeah, yeah, definitely.
Speaker 2 (09:24):
And you've got a theory on this as well, Donjamaina.
Speaker 6 (09:26):
Yeah.
Speaker 5 (09:26):
So, because I lived in Ballarat in twenty twenty one,
which was right as COVID was happening, and that was
I feel the real trigger to this, because a lot
of the people that we met when we lived there
said that they were in Melbourne, their jobs are in Melbourne,
but because of COVID and working remotely, they started to
move to the regions like Ballarat and Bendigo and Geelong
and those sorts of places because it was cheaper. It
(09:49):
was still a train ride into the city if they
needed to go in for a meeting or something, but
the cost of living was so much cheaper and it
just made such a difference. And there was a lot
of people similar ages to us that we're living there
for those reasons, and.
Speaker 4 (10:01):
I suppose in this area that's going to be areas
like Golden Yas, even Googong. And of course, so when
we talk about millennials, that is people born from nineteen
eighty one through to nineteen ninety six.
Speaker 2 (10:11):
So leading the charge simone absolutely.
Speaker 8 (10:14):
And you know you mentioned that Dallah has a population
of one hundred and twenty thousand. Similarly around Bendy Goes
there are big hubs and you know around Campbell we're
seeing a massive boom in people moving to Yas, to Goulben.
You know, you go, Googong probably maybe does whether that's
classes regional Australia, but you go, there's absolutely booming. It
just keeps expanding. So you know it's eleven thousand people
(10:34):
in Googong and I think that's just increasing. So we
are going to continue to see this trend.
Speaker 6 (10:39):
Yeah, definitely.
Speaker 5 (10:39):
Now is there something that people need to know if
they're going to go regional or is there something that
we need the government to be helping with. I know
you had this roundtable, is there any other information that
you want people to know or to help with.
Speaker 8 (10:51):
I think there'd be three big pits for me going
forward about this regional housing pieces. One is the access
to build ready land. So whilst there is a lot
of land available not bil ready, so the access to
that build ready land. The second bit would be about
the investment in that key last mile enabling infrastructure, the
sewer of the roads, the water to be able to
get that housing there. And then you know the shortages,
(11:12):
the skilled trade shortages are really pronounced in regional Australia,
but it's not just on site, it's also you know,
the planners in councils got to process the permits, all
those things are seeing a massive shortage. So we need
that investment and targeted sort of activation at.
Speaker 4 (11:27):
Least I think in the last eighteen months or so,
you know, organizations like local councils like yourself with HIA,
it runs at least talking about it now and the
the titaning is slowly being turned so that these sorts
of elements and parts of building are now at the forefront,
so at least the conversations are going on and you
know they're placing people into these roles to make it happen.
Speaker 8 (11:51):
Absolutely, we'd love to see regional housing get a bigger
seat at the table at the national cabinet, these sort
of things going forward to recognize that importance of eight
point six million people.
Speaker 2 (12:00):
You know that that is a lot.
Speaker 8 (12:01):
That is that is a lot.
Speaker 5 (12:02):
Yeah, yeah, Well, we'll just have to wait and see
what happens. With an election coming up, we might have
some different promises around regional housing and those sorts of things,
so we'll just sit and wait.
Speaker 4 (12:11):
Can Okay, Simon, thank you for joining us this morning
and throughout the course of the year as well, and
I we'd love to have you back on the show
in twenty twenty five.
Speaker 8 (12:19):
Yeah, anytime. Thanks guys.
Speaker 7 (12:20):
All right.
Speaker 5 (12:20):
That is Simon Crafty's the chief executive Industry and Policy
at HIA, discussing the roundtable.
Speaker 6 (12:25):
That they had regarding regional Australia living.
Speaker 5 (12:28):
We are slowly starting to wrap up twenty twenty four,
which I know people are probably like, no.
Speaker 6 (12:33):
It can't be the end of the year.
Speaker 2 (12:34):
Yeah it is. It's too late very much.
Speaker 5 (12:36):
Is the end of the year at the moment, and
a great one to wrap up with is with Domain's
end of year wrap up as well as we learn
some fun little facts about the year that has been.
And to talk us though, it is doctor Nikola Palace.
He's the head of Research and Economics at DOMAIN. Good morning,
doctor Nicola, Good morning all right, and where are you
coming to us from today?
Speaker 3 (12:55):
Though? We just have to out you, Nikola. I knew
you would. I am multitasking its best. I am at
Belcon and more doing my Christmas shopping while talking to
you live on air. Of course, that is gold, all right.
Speaker 4 (13:06):
So if we get the price check for six over
in the background, we'll know that you're either.
Speaker 2 (13:11):
In cohls or all these or maybe even outing who knows?
Speaker 6 (13:15):
Who knows that well?
Speaker 5 (13:16):
In terms of the property market, rather the markets that
you're going shopping for, what will twenty twenty four be
remembered for?
Speaker 3 (13:25):
I do think it has been a challenging year for
our property market. You know, when we stik back to
when we were entering twenty twenty four, twenty twenty four
was man to be the year we saw the interest
rates being cut and that didn't happen, and I think
that's really influenced and morphed people's decisions to mind self
property this year. But I do think that twenty twenty
five will absolutely be the year that we get mortgage
(13:46):
relief and we will see the RBA move. But you know,
this year has been very turbulent economically, We've seen other
capital city markets fully recovering price, but Canberra has struggled.
It's really struggled to move into that recovery. It has
been great buying conditions. There's been lots of negotiation power
this year. I think the buyers in canbra Yeah.
Speaker 4 (14:05):
We had this conversation at home with my wife only
through the weekness. It's a very much a buyer's market
at the moment. As we come towards the end of
the year. What are some of the other things that
the data's shown from the last twelve months.
Speaker 3 (14:18):
Look, it's been really interesting to see what people are
searching for on all homes, what they're prioritizing, but more importantly,
what the shifts have been. It's been really interesting because
the view has knocked Pull off of its top spot.
So these are words where people are going onto all homes,
they're plugging it in. It's what they're searching for. So
Viewer was number one in Canberra and then Pull. But
(14:39):
it is interesting. I think we all know in the
Act there is a massive North South divide that I
can prove that in a set or the south of
Canberra does win. South came in at number three in
terms of the top keywords, and North in at number five.
So the South, I'm afraid it wins. The data is
telling us.
Speaker 4 (14:56):
Yeah, and data, the data just doesn't lie, doesn't separating
the South.
Speaker 2 (15:01):
And the North. Was this keywords search of garage?
Speaker 3 (15:05):
Absolutely, And there's funny thing about garage is it's written
through the ranks. The buyers are prioritizing this more and more.
Speaker 4 (15:11):
Yeah, I think that's there's a few things with this,
and I know we're sort of, you know, we're just
having conversations about maybe, you know, moving from one place,
and garage definitely is part of the conversation because it's
storage area, it's a workshop for either sexes if you like.
It can be you know, sort of an art area
if you like, and without stereotyping, it might be a workshop.
(15:32):
But you know, there's also you know, with multi generational living.
Have we got a third car that's in the family
as well, So garage, Joe.
Speaker 6 (15:40):
My region reason for garage is there the frost in winter.
Speaker 5 (15:45):
There is nothing worse when you have to defrost your
car in the morning. And when we were buying our house,
I refuse to buy something that didn't have a garage
because I did not.
Speaker 6 (15:55):
Want to have to defrost my car because I.
Speaker 5 (15:56):
Had to do it for so many years and I
hated it. So I feel like that's a good little
factor to think about that I'm saving. Yes, we pay
for the price of convenience at the moment my generation.
Speaker 6 (16:08):
Now, how do you do this?
Speaker 5 (16:10):
Use this data though to model what might happen in
twenty twenty five?
Speaker 6 (16:13):
Is there any predictions already?
Speaker 3 (16:15):
We absolutely have prediction, so we forecast price and we
use those behavioral searches in our price modeling. So it
does give us a really great resolution in markets like
Canberra where we do have a lot of foot traffic
coming on to domain. So what we're forecasting for prices
in Camera for house price is between a three to
five percent increase in price, so modest price growth. But
(16:37):
we are expecting most of our capital cities to see
price growth, but at a modest pace compared to what
we're seen in twenty twenty four. But we are expecting
a bit of volatility for unit prices. They could drop
up to four percent over twenty twenty five.
Speaker 5 (16:52):
OK, We're just going to have to wait and see,
as we say, because who knows what's going to happen
next year. Hopefully the RBA does cut the interest rates
because definitely have an impact on things as well.
Speaker 6 (17:01):
So we'll just hold our breath.
Speaker 3 (17:03):
Okay, nick I'm picking April fourth day for that rate
carp Oh.
Speaker 6 (17:07):
Here first, is that a Tuesday?
Speaker 4 (17:09):
I'm just writing that down right now, Nickola, that's going
to be account.
Speaker 2 (17:16):
All right.
Speaker 4 (17:16):
Well, thank you again for joining us in twenty twenty four.
Back to your shopping now, and good luck fighting the
crowds over there.
Speaker 3 (17:23):
Thank you. Merry Christmas.
Speaker 6 (17:25):
Merry Christmas to you.
Speaker 5 (17:26):
That is doctor Nicola Powers is the head of research
and economics at Domain.
Speaker 8 (17:30):
Well.
Speaker 4 (17:30):
Those are the interviews we most enjoyed in last week's
Mixed one O six point three Real Estate Show. If
you love hearing about the latest trends, or you're just
up for a sticky beak, be sure to drop by
for a listen this Saturday between nine
Speaker 1 (17:42):
And ten Cameron Renee's Real Estate Show on Mix one
O six point three
Cameron Renee's Real Estate Show on Mix one oh six
point three be the envy of Canberra. Live in de
burgat Northboorne Village by JW Land now selling.
Speaker 2 (00:10):
Hi there, it's Cameron Renee here.
Speaker 3 (00:12):
Each week on Mixed one A six point three we
present in the Mixed Oney six point three Real Estate Show.
Speaker 4 (00:17):
We speak with the industry experts leaders in Canberra, property
national analysts and arrange above property specialists.
Speaker 1 (00:23):
So let's take a listen to some of the things
we looked at in last Saturday show.
Speaker 5 (00:28):
Next week you're going to be looking at the year
in real estate and how it's been traveling and those
sorts of things. But today we're going to go a
little bit more than just one year. We're going to
see about some opinions of a decade of property lessons,
so whole ten years.
Speaker 4 (00:44):
And as I said a few minutes ago, this by
a person who has been around for quite a few
decades made it's.
Speaker 6 (00:50):
Not that bad anyway.
Speaker 5 (00:52):
We're talking to the one and any pushing Martin's from
realty Talk and know how property finance.
Speaker 7 (00:56):
Good morning Bushy, Hey Cam made I shall put on
next today. Can you just watch out there back in
my day.
Speaker 4 (01:04):
Okay, mate, So on your Realty Talk podcast recently, you
did exactly this. You looked at a decade of property lessons.
So what's the biggest change I've seen over.
Speaker 2 (01:13):
The last ten years.
Speaker 7 (01:15):
Yeah, Well, Kevin turnerline and Kevin's a bit of a
living legend. He has been involved in property and radio
to nearly fifty years, would you believe. So we have
both been around since Moses was a boy in that respect,
so it's never a dull moment. But I reckon we've
seen more changes in the last ten years than the
last fifty combined across just about every aspect of the game, guys.
But the biggest change over the last decade has been
(01:37):
the availability and accessibility of digital property data and information
right on our phones in the palm of our hands,
which has actually allowed instant access to see more and
understand more and make much better informed property decisions, which
has lifted everyone's awar us an interest in property in housing,
so very exciting times.
Speaker 2 (01:54):
Yeah, yeah, and very shortly.
Speaker 4 (01:56):
Doctor Nicola Powell, who was a data scientist and former
co host on the show, She's going to honest and
she just loves the numbers bushy, So You're absolutely right,
and just the ease of access is astonishing, isn't it unbelievable?
Speaker 7 (02:08):
I just love that you can find it anything, anywhere, anytime. Now,
it's an exciting time.
Speaker 2 (02:13):
Of being property.
Speaker 5 (02:14):
Now. People might have seen that maybe coming as technology
was getting more and more advanced in those sorts of things.
But is there something, a big thing that's happened that
property commentators like yourself just didn't see coming.
Speaker 7 (02:26):
Yeah, a couple of things. And the obvious thing, obviously, Maddie,
is the economic shop of the pandemic, which is pretty
much accelerated and provem that bad news is always good
news for the safety of property. But there's a biggest
thing that we all missed that ovid's actually turbo charts
with the tipping point convergence of a number of trends
coming together around digital data, social media, property podcasting, and
(02:49):
the ship from backyard to borderers buying. And that's the
rise and rise of high profile national bias agents who
are now being able to herd the hordes into sort
of phone though. If you'll eating frenzies that are moving,
making and actually shifting property prist movements in selected hotspots
around the company like we've just seen in person Adelaide
in the last couple of years, which is very much
(03:10):
like the big institutional traders in the stock marketpanies who
actually use their trading buying ins to move share prices.
Speaker 3 (03:15):
So it's going to be really interesting to see where.
Speaker 2 (03:17):
This all goes.
Speaker 5 (03:19):
Things would be very interesting to see what happens. But
as we said, COVID really changed things and we're still
feeling the effects of it a little bit.
Speaker 4 (03:26):
Yeah, and I think also with buyers agents, I mean,
but I'd be interested on your take on this as well.
They can be very very powerful and can really help
people who are buying as well, can't they.
Speaker 2 (03:34):
So there's good and bad, right.
Speaker 7 (03:37):
Oh, I want to understand and I'm only talking about
the select view, but buyers agents are good buyers agents
and are there some very good ones out there can
make a massive difference to improving outcomes for property buyers.
So I'm not integrating them at all. I'm a big
apic of the bias agents, but I haven't seen the
shift given the ability to manipulate the exercise. Now, some
(04:00):
who perhaps looking at their interests more than media invest themselves.
Speaker 4 (04:05):
What's the number one lesson you've learned in the last
ten years.
Speaker 7 (04:09):
Well, it doesn't change. What we learn from history is
that we don't learn from history, guys, because of the
more things that appear to change on the surfaces of property,
the more they actually made the same. So underneath all
of the short term noise and the meaningless talk about
property markets and medium price moments, along with these pretty
much constant stream of gloom and doing property bust predictions
that actually never happen, and the end loss talk about
(04:31):
the latest new property fans, tactics and technology. Just like
the Emperors new crows, guys, the naked fundamental big opportunity
and property remains absolutely the same because we're all still
driven by our primal instincts of fear and Greek. So
as long as we live in houses, there's always going
to be great opportunities and property to create our own economy.
And the bigger property problem we solved that, are we
going to do so lots of property fun in store.
Speaker 6 (04:53):
Oh it sounds like it now.
Speaker 5 (04:54):
You said that there's more that happened in real estate
and property in the past ten years than fifty. Do
you feel like that's going to be the same for
the next ten years.
Speaker 7 (05:02):
Even more so, Maddie, because given the accelerating advances being
made with AI, machine learning, and big data, where everything
we do with property is going to change. Ads The
problems the prop tech and the fintech industry in particular
are solving a really deep and many now with amazing
work being done to fix the pain points, and we
all better ways to build, buy, sell, rent, developed, transact
(05:24):
and manage property. Everything is going to continue to get better,
which means very exciting times ahead for each and every
one of us.
Speaker 5 (05:32):
Oh, we're going to have to stick around and wait
to see what happens in the next ten years. But
we're not going to wait that long to talk to
you because you're going to be on next week as
well to discuss the past year. But Bushy, thank you
so much for joining us this morning.
Speaker 2 (05:44):
Thanks guys.
Speaker 7 (05:44):
I hopefull I will live long enough to see that
next week.
Speaker 6 (05:47):
I'm sure you will.
Speaker 2 (05:50):
It's all right, mate, We'll will you into the next team.
Speaker 6 (05:52):
Is you see.
Speaker 5 (05:56):
There's Bushy Martin who's some realty talk and know how
property finance, discussing decade of property lessons. Now here's a
fun little fact for people eight point six million, aka
a third of the population and now living outside metro areas.
Speaker 2 (06:12):
So there's some big cities like Sidney, Melbourne, Brisbane, et cetera.
Speaker 5 (06:15):
Yes, and HAHAA recently hosted a housing round table which
was in Bendigo that focused on the importance of targeted
housing plan for regional Australia since so many people are
moving and living there now. And to talk to us
about what happened in the findings and all that stuff
is mister Simon Croft. He is the Chief Executive Industry
and Policy at HIA.
Speaker 8 (06:32):
Good morning Simon, Good morning camera, Mattie, thanks for having
me on, No, thanks.
Speaker 6 (06:36):
For joining us.
Speaker 5 (06:37):
So this roundtable that happened, what was the number one
theme that came out of it?
Speaker 8 (06:43):
Yes, it was probably more like a rectangle table than
a round table. These are but yeah, we had Senator
Bridget McKenzie who's the Shadow Minister for Infrastructure and Regional Development,
and at that roundtable that was hosted with sort of
Bendigo committee members, they announced it as part of the
five billion dollar Enabling Infrastructure or last mile infrastructure, but
(07:04):
thirty percent of that will be targeted towards housing in
regional Australia, which is a really important investment and consideration
because as you mentioned, regional housing is absolutely booming and
it's only going to grow in importance going forward.
Speaker 2 (07:17):
It's really interesting, though, isn't it.
Speaker 4 (07:18):
I've hosted a number of these sort of you know,
conferences and roundtables around Australia with all sorts of different organizations.
So it's one thing for you know, these people to
come out and say, yes, we're going to concentrate on
the housing, but they sort of then don't talk about
the infrastructure that is just so important that needs to
go with that. And then are there the other amenities
like schools and shops and all of the community organizations,
(07:41):
and so it's a very very difficult thing to balance,
isn't it.
Speaker 8 (07:46):
Absolutely? And you know what our members tell us all
often is that they can build the homes faster than
they can get the power, the water, the sewer, those
access roads to the housing, so they can build the houses,
but you know, sometimes they're putting generators on them. So
this is a really important investment. And we saw something
just more locally over the this coming week that you know,
the Federal member for Edam and Arra Christi McBain was
(08:09):
there in Yas and they announced it thirty six million
towards you know, the water treatment facilities there which will
then boost the housing there. So it's you know, it
is really critically important to service these communities.
Speaker 6 (08:21):
Yeah, one hundred percent.
Speaker 5 (08:22):
Now, we we've been teasing all morning about the biggest
cohort of Australians that are moving into regional cities.
Speaker 6 (08:28):
Cam, do you want to reveal the answer?
Speaker 2 (08:30):
Well, so it's millennials. Is this correct?
Speaker 4 (08:32):
And I've had a conversation with a number of sort
of again leading real estate agents around Camber this week
talking about this and they're going, no way, it can't
be millennials. So tell us a little bit about these
and these findings.
Speaker 8 (08:43):
Yes, I really like this one. So Australis population is
twenty seven million and as you mentioned, eight point six
of that is people living now in regional Australia. And
it's not what people think that it's you know, the
pre retirees or the sea changes of the tree changes.
It's millennials that are moving to towards these regional areas,
you know, for cost of living, relief, access to types
(09:04):
of housing that they want, jobs, you know, and flexibility
with work from home and were flexible working but being
connected as part of their community as well. So you know,
it is a really important consideration going forward that we
need to ensure we have the housing for these people
who want to move there, and we can only see
that it's only going to grow.
Speaker 6 (09:23):
Yeah, yeah, definitely.
Speaker 2 (09:24):
And you've got a theory on this as well, Donjamaina.
Speaker 6 (09:26):
Yeah.
Speaker 5 (09:26):
So, because I lived in Ballarat in twenty twenty one,
which was right as COVID was happening, and that was
I feel the real trigger to this, because a lot
of the people that we met when we lived there
said that they were in Melbourne, their jobs are in Melbourne,
but because of COVID and working remotely, they started to
move to the regions like Ballarat and Bendigo and Geelong
and those sorts of places because it was cheaper. It
(09:49):
was still a train ride into the city if they
needed to go in for a meeting or something, but
the cost of living was so much cheaper and it
just made such a difference. And there was a lot
of people similar ages to us that we're living there
for those reasons, and.
Speaker 4 (10:01):
I suppose in this area that's going to be areas
like Golden Yas, even Googong. And of course, so when
we talk about millennials, that is people born from nineteen
eighty one through to nineteen ninety six.
Speaker 2 (10:11):
So leading the charge simone absolutely.
Speaker 8 (10:14):
And you know you mentioned that Dallah has a population
of one hundred and twenty thousand. Similarly around Bendy Goes
there are big hubs and you know around Campbell we're
seeing a massive boom in people moving to Yas, to Goulben.
You know, you go, Googong probably maybe does whether that's
classes regional Australia, but you go, there's absolutely booming. It
just keeps expanding. So you know it's eleven thousand people
(10:34):
in Googong and I think that's just increasing. So we
are going to continue to see this trend.
Speaker 6 (10:39):
Yeah, definitely.
Speaker 5 (10:39):
Now is there something that people need to know if
they're going to go regional or is there something that
we need the government to be helping with. I know
you had this roundtable, is there any other information that
you want people to know or to help with.
Speaker 8 (10:51):
I think there'd be three big pits for me going
forward about this regional housing pieces. One is the access
to build ready land. So whilst there is a lot
of land available not bil ready, so the access to
that build ready land. The second bit would be about
the investment in that key last mile enabling infrastructure, the
sewer of the roads, the water to be able to
get that housing there. And then you know the shortages,
(11:12):
the skilled trade shortages are really pronounced in regional Australia,
but it's not just on site, it's also you know,
the planners in councils got to process the permits, all
those things are seeing a massive shortage. So we need
that investment and targeted sort of activation at.
Speaker 4 (11:27):
Least I think in the last eighteen months or so,
you know, organizations like local councils like yourself with HIA,
it runs at least talking about it now and the
the titaning is slowly being turned so that these sorts
of elements and parts of building are now at the forefront,
so at least the conversations are going on and you
know they're placing people into these roles to make it happen.
Speaker 8 (11:51):
Absolutely, we'd love to see regional housing get a bigger
seat at the table at the national cabinet, these sort
of things going forward to recognize that importance of eight
point six million people.
Speaker 2 (12:00):
You know that that is a lot.
Speaker 8 (12:01):
That is that is a lot.
Speaker 5 (12:02):
Yeah, yeah, Well, we'll just have to wait and see
what happens. With an election coming up, we might have
some different promises around regional housing and those sorts of things,
so we'll just sit and wait.
Speaker 4 (12:11):
Can Okay, Simon, thank you for joining us this morning
and throughout the course of the year as well, and
I we'd love to have you back on the show
in twenty twenty five.
Speaker 8 (12:19):
Yeah, anytime. Thanks guys.
Speaker 7 (12:20):
All right.
Speaker 5 (12:20):
That is Simon Crafty's the chief executive Industry and Policy
at HIA, discussing the roundtable.
Speaker 6 (12:25):
That they had regarding regional Australia living.
Speaker 5 (12:28):
We are slowly starting to wrap up twenty twenty four,
which I know people are probably like, no.
Speaker 6 (12:33):
It can't be the end of the year.
Speaker 2 (12:34):
Yeah it is. It's too late very much.
Speaker 5 (12:36):
Is the end of the year at the moment, and
a great one to wrap up with is with Domain's
end of year wrap up as well as we learn
some fun little facts about the year that has been.
And to talk us though, it is doctor Nikola Palace.
He's the head of Research and Economics at DOMAIN. Good morning,
doctor Nicola, Good morning all right, and where are you
coming to us from today?
Speaker 3 (12:55):
Though? We just have to out you, Nikola. I knew
you would. I am multitasking its best. I am at
Belcon and more doing my Christmas shopping while talking to
you live on air. Of course, that is gold, all right.
Speaker 4 (13:06):
So if we get the price check for six over
in the background, we'll know that you're either.
Speaker 2 (13:11):
In cohls or all these or maybe even outing who knows?
Speaker 6 (13:15):
Who knows that well?
Speaker 5 (13:16):
In terms of the property market, rather the markets that
you're going shopping for, what will twenty twenty four be
remembered for?
Speaker 3 (13:25):
I do think it has been a challenging year for
our property market. You know, when we stik back to
when we were entering twenty twenty four, twenty twenty four
was man to be the year we saw the interest
rates being cut and that didn't happen, and I think
that's really influenced and morphed people's decisions to mind self
property this year. But I do think that twenty twenty
five will absolutely be the year that we get mortgage
(13:46):
relief and we will see the RBA move. But you know,
this year has been very turbulent economically, We've seen other
capital city markets fully recovering price, but Canberra has struggled.
It's really struggled to move into that recovery. It has
been great buying conditions. There's been lots of negotiation power
this year. I think the buyers in canbra Yeah.
Speaker 4 (14:05):
We had this conversation at home with my wife only
through the weekness. It's a very much a buyer's market
at the moment. As we come towards the end of
the year. What are some of the other things that
the data's shown from the last twelve months.
Speaker 3 (14:18):
Look, it's been really interesting to see what people are
searching for on all homes, what they're prioritizing, but more importantly,
what the shifts have been. It's been really interesting because
the view has knocked Pull off of its top spot.
So these are words where people are going onto all homes,
they're plugging it in. It's what they're searching for. So
Viewer was number one in Canberra and then Pull. But
(14:39):
it is interesting. I think we all know in the
Act there is a massive North South divide that I
can prove that in a set or the south of
Canberra does win. South came in at number three in
terms of the top keywords, and North in at number five.
So the South, I'm afraid it wins. The data is
telling us.
Speaker 4 (14:56):
Yeah, and data, the data just doesn't lie, doesn't separating
the South.
Speaker 2 (15:01):
And the North. Was this keywords search of garage?
Speaker 3 (15:05):
Absolutely, And there's funny thing about garage is it's written
through the ranks. The buyers are prioritizing this more and more.
Speaker 4 (15:11):
Yeah, I think that's there's a few things with this,
and I know we're sort of, you know, we're just
having conversations about maybe, you know, moving from one place,
and garage definitely is part of the conversation because it's
storage area, it's a workshop for either sexes if you like.
It can be you know, sort of an art area
if you like, and without stereotyping, it might be a workshop.
(15:32):
But you know, there's also you know, with multi generational living.
Have we got a third car that's in the family
as well, So garage, Joe.
Speaker 6 (15:40):
My region reason for garage is there the frost in winter.
Speaker 5 (15:45):
There is nothing worse when you have to defrost your
car in the morning. And when we were buying our house,
I refuse to buy something that didn't have a garage
because I did not.
Speaker 6 (15:55):
Want to have to defrost my car because I.
Speaker 5 (15:56):
Had to do it for so many years and I
hated it. So I feel like that's a good little
factor to think about that I'm saving. Yes, we pay
for the price of convenience at the moment my generation.
Speaker 6 (16:08):
Now, how do you do this?
Speaker 5 (16:10):
Use this data though to model what might happen in
twenty twenty five?
Speaker 6 (16:13):
Is there any predictions already?
Speaker 3 (16:15):
We absolutely have prediction, so we forecast price and we
use those behavioral searches in our price modeling. So it
does give us a really great resolution in markets like
Canberra where we do have a lot of foot traffic
coming on to domain. So what we're forecasting for prices
in Camera for house price is between a three to
five percent increase in price, so modest price growth. But
(16:37):
we are expecting most of our capital cities to see
price growth, but at a modest pace compared to what
we're seen in twenty twenty four. But we are expecting
a bit of volatility for unit prices. They could drop
up to four percent over twenty twenty five.
Speaker 5 (16:52):
OK, We're just going to have to wait and see,
as we say, because who knows what's going to happen
next year. Hopefully the RBA does cut the interest rates
because definitely have an impact on things as well.
Speaker 6 (17:01):
So we'll just hold our breath.
Speaker 3 (17:03):
Okay, nick I'm picking April fourth day for that rate
carp Oh.
Speaker 6 (17:07):
Here first, is that a Tuesday?
Speaker 4 (17:09):
I'm just writing that down right now, Nickola, that's going
to be account.
Speaker 2 (17:16):
All right.
Speaker 4 (17:16):
Well, thank you again for joining us in twenty twenty four.
Back to your shopping now, and good luck fighting the
crowds over there.
Speaker 3 (17:23):
Thank you. Merry Christmas.
Speaker 6 (17:25):
Merry Christmas to you.
Speaker 5 (17:26):
That is doctor Nicola Powers is the head of research
and economics at Domain.
Speaker 8 (17:30):
Well.
Speaker 4 (17:30):
Those are the interviews we most enjoyed in last week's
Mixed one O six point three Real Estate Show. If
you love hearing about the latest trends, or you're just
up for a sticky beak, be sure to drop by
for a listen this Saturday between nine
Speaker 1 (17:42):
And ten Cameron Renee's Real Estate Show on Mix one
O six point three
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