[Podcast] National Property Market Update – July 2019 with Dr. Andrew Wilson | PROPERTY INSIDERS

There is change in the air – our property markets are showing some promising signs.

And the biggest question buyers and sellers in Sydney and Melbourne are asking is: “Are we there yet?”

July Property Insiders

In other words, they’re wondering have our property markets hit the market floor and is it time to get back in again?

We’ve also received the much anticipated second interest rate cut, which by the way isn’t good news.

In this month’s Property Insiders market update Dr. Andrew Wilson and I bring you up to date on what’s happening around our property markets.

We discuss

  • This month’s interest rate announcement – the RBA is clearly targeting unemployment. They want to move the unemployment rate down into the low 4’s to soak up the spare capacity in the employment market with the aim of impacting wages growth.
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  • The Global economic environment. The major story this month has been the trade tensions between the US and China. If they persist they could impacting global GDP but we did see some positive moves recently with a downgrading of the tensions.
  • The Domestic economy –  including 
    • GDP – we saw the March quarter GDP  figure — growth for the March quarter of 0.4%, which meant that the annual pace of growth in the economy has dropped from 2.4% down to 1.8%. 
    • The unemployment rate in May was steady at 5.2%.
    • There were 42,300 jobs created — the strongest monthly jobs growth in the past 12 months – 39,800 new part-time jobs were created, whereas only 2,400 jobs full-time.
    • The participation rate rose to 66%, which is the highest it’s ever been in terms of people looking to get employment. 
  • The Wilson Asking Price Index – There are mixed signs this month with asking prices improving in Sydney – but falling elsewhere

June19 House Asking Price Index

  • Auction clearance rates

June Auctions 6

June Auctions 7

What’s ahead?

Nationally our property markets are likely to bottom out in the next few months and property values are likely to be a little higher at the end of the year than they are today. Future Sydney Scenarios

While servicing a mortgage may become a little easier, the introduction of the Banking Code of Conduct and the expansion of Comprehensive Credit Reporting from the beginning of July means the scrutiny on loan applications will remain significantly greater than it has been in the past.

Given this, don’t expect a significant bounce in property values – the recovery in housing market conditions is likely to be slow and gradual.

Links and Resources:

Dr Andrew WilsonMyHousingMarket.com.au

To see the graphs mentioned in this show click here:  July 2019 Housing Market Commentary | PROPERTY INSIDERS VIDEO

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fact: our markets are on the move
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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


'[Podcast] National Property Market Update – July 2019 with Dr. Andrew Wilson | PROPERTY INSIDERS' have 2 comments

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    July 18, 2019 Bianca

    Your podcasts are so incredibly helpful Michael, thank you. Having been in the investment game for several years, my husband & I unfortunately fell into the trap of following the lead of those self gratifying, property pushing spruikers, (the types you frequently warn us about). We’ve now learnt our lesson & rely heavily on the information you provide. Your podcasts are easy to follow, offer valuable insight & allow us to dig deeper on the real stats we need to pay attention to, to really push forward on our investment journey. I equally love your mindfulness moments; they really hit a nerve & provide so many ‘a-ha!’ moments!! You are wonderful & your knowledge is so appreciated.

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