Episode Transcript
Available transcripts are automatically generated. Complete accuracy is not guaranteed.
Speaker 1 (00:00):
Well, cam Domain's monthly Market Insights report is out, which
has a look at what's happening nationally in the property
market and locally as well, which we like to dig
down on that information. And it's interesting because you and
I were chatting off about some of the findings that
we've read a little bit about. We're going to find
out more on a sec and it's interesting because you're
kind of hearing some things that are going on and
(00:22):
this sort of suggests other things. Yeah, I'm kind of like,
what's happening?
Speaker 2 (00:25):
This is it? So, you know, being out and about
shooting real estate videos and having conversations with people and
then receiving figures looking at it, going well, it doesn't
quite match up to the conversations that we're having. So
let's know more.
Speaker 1 (00:37):
Let's do that absolutely. Sarah McCartney is a spokesperson from
Domain and joins us Now.
Speaker 3 (00:41):
Hi, Sarah, good morning, Hello.
Speaker 1 (00:43):
Hello, Yeah, we're good, Thank you.
Speaker 3 (00:45):
Sarah.
Speaker 1 (00:46):
Can we have a look at the local findings first?
What did the report show for the month of June
when looking at the Canberra market.
Speaker 3 (00:52):
Yeah, it's a different story in Canberra. We've actually recorded
the lowest auction clearance rate of any capital city in
June it just forty five percent. Just to put that
into comparison across the nation, it's looking more at sixty four.
The forty five percent in Canberra is actually the lowest
with seed since twenty nineteen. We do know that Canberra
(01:12):
is not a big auction market, but it does kind
of point to signal about really what's happening on the ground.
And you know, not surprising it's winter. Things do tend
to slow down, but we are really seeing in Canberra
that houses are taking a long a longer time to sell,
sitting on the market for about seventy days and then
the units are sitting on the market for about eighty
six days. So just to put this in perspective that
(01:35):
some of the longest periods we've had our market compared
to twenty twenty and twenty twenty one, okay, it's quite different.
Speaker 1 (01:42):
Yeah, so home staying on the market for longer, auction
clearing rates of the lowest level since twenty nineteen. What
do you sort of put those things down to.
Speaker 3 (01:52):
There's a few things. You know, winter is always a
slower time, so we see people more reluctant to put
their house on the market, things don't look as fresh
as they do in spring. But also we know broadly
people are sort of just waiting to see what happens
with interest rates. There's been a lot of conversation, you know,
for the last twelve months now around cost of living crisis,
people feeling a bit nervous about what's happening in the
(02:13):
global economy, and as such, we just haven't seen huge
volumes of homes being traded. As we are looking towards spring,
people are starting to see some signals around interest rate drops.
We typically see people feel a little bit more optimistic
that they might be able to sell their property quicker.
People have got a bit more money to spend, and
that they'll be able to find something too. So, you know,
(02:35):
we've got a few things happening both the winter, the
interest rates, people sitting and waiting, and then we've also
just got this perennial issue of supply, and so people
don't want to sell their house if they don't have
somewhere to go to.
Speaker 2 (02:49):
And so this lends beautifully into a conversation that Renee
and I were having sort of off air that we
also wanted to broach with you. So Tuesday, the IBA
will make another announcement. What's the talk around your office
as to what you think that they will do and
then what happens from there.
Speaker 3 (03:06):
We are sort of thinking that they will make a cut.
That's what we're seeing in the market, but there is
still so much caution, so you know, we're really kind
of sitting on the fence here. There's a lot of
factors that are unknown, you know, more globally, but you know,
some of the factors that we're seeing in the local
economy would point to perhaps a rate cut.
Speaker 1 (03:28):
Okay, And you were saying earlier, Sarah, that what's happening
here locally with some of those figures is a different
story to what's happening nationally.
Speaker 3 (03:37):
That's right. Nationally, we've still got pretty hot markets in
Sydney and Melbourne. Confidence in buying is very high. But
we are seeing across the board that new listings are down,
but only by nine percent, so that's not too much
of a drop given it's the winter season. Properties in
Adelaide specifically and Darwin are moving pretty fast, but things
(04:00):
are lingering on the market a little bit longer. But
as I said earlier, you know, sixty four percent clearance
rate in the combined capital cities. That's one of the
highest we're seeing since September last year, So there is
definitely optimism in those bigger markets.
Speaker 1 (04:13):
Yeah, absolutely, Well, it'll be interesting to see what happens
after the IBA meets next week. Sarah, thank you so
much for sharing all that with us this morning.
Speaker 3 (04:21):
Thank you, thank you.
Speaker 1 (04:23):
That's Sarah McCarney, who's a spokesperson from Domain
Well, cam Domain's monthly Market Insights report is out, which
has a look at what's happening nationally in the property
market and locally as well, which we like to dig
down on that information. And it's interesting because you and
I were chatting off about some of the findings that
we've read a little bit about. We're going to find
out more on a sec and it's interesting because you're
kind of hearing some things that are going on and
(00:22):
this sort of suggests other things. Yeah, I'm kind of like,
what's happening?
Speaker 2 (00:25):
This is it? So, you know, being out and about
shooting real estate videos and having conversations with people and
then receiving figures looking at it, going well, it doesn't
quite match up to the conversations that we're having. So
let's know more.
Speaker 1 (00:37):
Let's do that absolutely. Sarah McCartney is a spokesperson from
Domain and joins us Now.
Speaker 3 (00:41):
Hi, Sarah, good morning, Hello.
Speaker 1 (00:43):
Hello, Yeah, we're good, Thank you.
Speaker 3 (00:45):
Sarah.
Speaker 1 (00:46):
Can we have a look at the local findings first?
What did the report show for the month of June
when looking at the Canberra market.
Speaker 3 (00:52):
Yeah, it's a different story in Canberra. We've actually recorded
the lowest auction clearance rate of any capital city in
June it just forty five percent. Just to put that
into comparison across the nation, it's looking more at sixty four.
The forty five percent in Canberra is actually the lowest
with seed since twenty nineteen. We do know that Canberra
(01:12):
is not a big auction market, but it does kind
of point to signal about really what's happening on the ground.
And you know, not surprising it's winter. Things do tend
to slow down, but we are really seeing in Canberra
that houses are taking a long a longer time to sell,
sitting on the market for about seventy days and then
the units are sitting on the market for about eighty
six days. So just to put this in perspective that
(01:35):
some of the longest periods we've had our market compared
to twenty twenty and twenty twenty one, okay, it's quite different.
Speaker 1 (01:42):
Yeah, so home staying on the market for longer, auction
clearing rates of the lowest level since twenty nineteen. What
do you sort of put those things down to.
Speaker 3 (01:52):
There's a few things. You know, winter is always a
slower time, so we see people more reluctant to put
their house on the market, things don't look as fresh
as they do in spring. But also we know broadly
people are sort of just waiting to see what happens
with interest rates. There's been a lot of conversation, you know,
for the last twelve months now around cost of living crisis,
people feeling a bit nervous about what's happening in the
(02:13):
global economy, and as such, we just haven't seen huge
volumes of homes being traded. As we are looking towards spring,
people are starting to see some signals around interest rate drops.
We typically see people feel a little bit more optimistic
that they might be able to sell their property quicker.
People have got a bit more money to spend, and
that they'll be able to find something too. So, you know,
(02:35):
we've got a few things happening both the winter, the
interest rates, people sitting and waiting, and then we've also
just got this perennial issue of supply, and so people
don't want to sell their house if they don't have
somewhere to go to.
Speaker 2 (02:49):
And so this lends beautifully into a conversation that Renee
and I were having sort of off air that we
also wanted to broach with you. So Tuesday, the IBA
will make another announcement. What's the talk around your office
as to what you think that they will do and
then what happens from there.
Speaker 3 (03:06):
We are sort of thinking that they will make a cut.
That's what we're seeing in the market, but there is
still so much caution, so you know, we're really kind
of sitting on the fence here. There's a lot of
factors that are unknown, you know, more globally, but you know,
some of the factors that we're seeing in the local
economy would point to perhaps a rate cut.
Speaker 1 (03:28):
Okay, And you were saying earlier, Sarah, that what's happening
here locally with some of those figures is a different
story to what's happening nationally.
Speaker 3 (03:37):
That's right. Nationally, we've still got pretty hot markets in
Sydney and Melbourne. Confidence in buying is very high. But
we are seeing across the board that new listings are down,
but only by nine percent, so that's not too much
of a drop given it's the winter season. Properties in
Adelaide specifically and Darwin are moving pretty fast, but things
(04:00):
are lingering on the market a little bit longer. But
as I said earlier, you know, sixty four percent clearance
rate in the combined capital cities. That's one of the
highest we're seeing since September last year, So there is
definitely optimism in those bigger markets.
Speaker 1 (04:13):
Yeah, absolutely, Well, it'll be interesting to see what happens
after the IBA meets next week. Sarah, thank you so
much for sharing all that with us this morning.
Speaker 3 (04:21):
Thank you, thank you.
Speaker 1 (04:23):
That's Sarah McCarney, who's a spokesperson from Domain
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