Oliver Peterson: Australian correspondent on Australian home prices going up

Over in Australia, new data shows national home values rose 1.1 per cent over the month of October, and 6.1 per cent over the year.

All of Australia's major cities saw significant rises, with investors and first home buyers setting records as they tried to outbid each other.

Australian correspondent Oliver Peterson raises the question of what this data could mean for future rate cuts.

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Episode Transcript

Speaker 1 (00:00):
Oliver Peterson, six PR Perth Life Presenters with us ala
Oli get a header, mate, what's going on with your
property prices?

Speaker 2 (00:06):
Yeah they're good, aren't they?

Speaker 3 (00:07):
If you live in Perth where I live, then guess
what you are doing so well? In fact that they've
risen more than what the average income here is in Australia.
So the average income or the median full time salary
in Australia is eighty eight thousand.

Speaker 2 (00:20):
Four hundred bucks.

Speaker 3 (00:21):
But in Perth our property prices have risen by more
than one hundred thousand dollars this year.

Speaker 2 (00:26):
So so you like a head up.

Speaker 1 (00:29):
So now the kids are going to get angry because
now they're gone to fod houses. You know that's happening.

Speaker 2 (00:32):
Ah, spot on.

Speaker 3 (00:33):
And if you live over here like genuinely, we have
been under one percent rental availability now for five years.
The number of properties on market, so balance market in
Perth is considered twelve thousand properties for sale and we
hover it between about three thousand and four thousand a week.

Speaker 2 (00:49):
It is super scary, like you have home opens here
every week where.

Speaker 3 (00:52):
One hundred and twenty families go through them, like it
is absolutely there's nothing good in that ultimately there is
nothing good in that at all, and no one wants
to tackle it properly. The cost, particularly over where I
am Western Australia, the cost of construction is even so
much higher than it is on the Eastern Seaboard for
so many obvious reasons. Plus the number of migrants moving
into Australia, particularly Wa, because.

Speaker 2 (01:13):
Everybody knows how good it is.

Speaker 3 (01:15):
We've even got the Bears obviously kicking off in about
a year and a half's time, or should I call
it the Quackers Heather and everyone just wants to be
in Wa.

Speaker 1 (01:23):
Yeah, okay, because it's a great place.

Speaker 2 (01:24):
That's why.

Speaker 1 (01:25):
Now Susan Lee, why is she out the doors?

Speaker 3 (01:29):
Because she has no policy platforms on anything, She does
not stand for anything, and while the Liberal Party and
the National Party are tearing each other apart, she is
just a sitting duck at the moment and she really
needs to come out with something. I think there was
a misstep last week as well, attacking the PM's T

(01:50):
shirt when he stepped off the plane in that Joy
Division T shirt. I think ultimately people should have been
questioning why was the PM coming off an aeroplane wearing
a T shirt when he's on business.

Speaker 1 (01:58):
I told I was told that he'd ask that no
media film him because he did.

Speaker 3 (02:04):
But he knew what he was doing and he knew
it would leak. And I'll tell you why he did it,
because ultimately he wants to send that message back to
the left and the hardcore lefties of the Labor Party.
Though I'm still one of you boys and girls. Even
though I've just been with Trump, you know, sitting in
his office maybe looking as though I was, you know,
the puppet and I was having a good giggle, I'm
still a big member of the left of the Labor Party.

Speaker 1 (02:25):
So he knew what enjoy division t shirt a signal
that you're a lifty.

Speaker 3 (02:30):
Because it signals to you know, his hardcore members of
the lesson Labor Party.

Speaker 1 (02:34):
Correct, Well, I just think it's signals that he's a
try hard.

Speaker 2 (02:37):
Well that too, he knows that.

Speaker 3 (02:39):
But all these Australian pms don't go back to Howard
right used to walk around the streets around the Wallaby
track suit.

Speaker 1 (02:44):
Well that's a lot cooler, isn't it.

Speaker 2 (02:47):
Is it? Is it cooler? He's got beaten by England
on the weekend.

Speaker 1 (02:50):
But the Wallabies were call back then, weren't they enjoyed
a vision like a man of his age sixty three
wearing a Joy Division T shirt.

Speaker 2 (02:57):
It's just really try hard.

Speaker 3 (02:58):
Well, we had Metallica here on the week and what
do you want to me in a Metallica T shirt?

Speaker 1 (03:02):
Nah? Well, you know, look, we've had a big discussion
on the show about this. We've just reached the conclusion
while I have that a man of his age should
just stick to basic white T shirts.

Speaker 2 (03:11):
Well, or how out of collar? What about a collar or.

Speaker 1 (03:14):
A collar you could do? That you could do daggy
dad collar. Listen, tell me how this and the Senate
hearing is going to go for the opt to CEO.

Speaker 2 (03:20):
Not good, but it never was going to be. This
is a show trial. He's appeared before the inquiry this morning.

Speaker 3 (03:26):
They've been questioning him whether that information provided to Anika
Well's the Communications Minister, was misleading. Now he was asked
with those initial notifications disingenuous, even only referred to about
ten calls and there obviously dozens and dozens of calls.
He said it was inaccurate, it was not dishonest, and
he's apologized. Look that the government and the opposition for
that matter as well, still probably looking for really his

(03:47):
head on the chopping block.

Speaker 2 (03:48):
He's lost his CIO, he's lost his CFO.

Speaker 3 (03:51):
I don't think Stephen Rue will be leaving Optics, and
he's a fairly new CEO in that position anyway, having
already led the NBN. But this will, as I say,
be a bit of a show. Well, you never want
to see this happen again, Absolutely, you don't, but I
don't think it will achieve much more than a bit
of grandstanding.

Speaker 1 (04:06):
Good on you, Allien, it's good to talk to you.
Look after yourself. Oliver Peterson, six PR PERS Live Presenter.
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