Harris Partners' Peter O'Malley joined 2GB's John Stanley this week to take an early look at the 2024 Sydney Property Market. #harrispartners #housing #rentalcrisis #rba #sold #home

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This episode isn't just about market predictions; it's your vantage point to see beyond the horizon of real estate dynamics, influenced by international economics and geopolitical tensions. We'll navigate the global monetary policies and fiscal maneuvers that could echo through the corridors of Australian homes, preparing you with the wisdom to make informed decisions in a market that's anything but predictable.

As we pivot to the political chessboard, we discuss the Australian government's move to suspend the 'golden visa', unraveling the threads of foreign investment in the fabric of our urban real estate tapestry. The ripple effects in Sydney and Melbourne markets take center stage, with a candid look at the shifting sands of buyer demographics amidst a burgeoning rental crisis. Whether you're a hopeful seller seeking strategy in an evolving market, or a keen observer of immigration's interplay with housing availability, this episode promises to arm you with insights and advice that could redefine your perspective on property's place in tomorrow’s Australia.

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In this Preview of the 2024 Sydney Property Market, Louis Christopher offers his forecast for the year ahead. Louis outlines SQM Research’s tried and tested approach to understanding the nuances of the housing market and how the market will perform in 2024, under 4 given scenarios. 

SQM’s base case this year suggests there will be a modest decline in the Sydney market, primarily based on the Federal Government reducing immigration numbers compared with 2023. If the immigration intake is elevated in 2024, property prices are likely to remain high due to a lack of housing supply. 

In this edition of Talking Property, we also discuss hot button issues such as: 

• Rental crisis – the market is set to increase another 10 – 15% in 2024 
• The impact on property prices due to major infrastructure projects 
• Why the RBA will have scope to cut interest rates, even if the inflation rate has not reached the targeted 2% – 3% 
• How the market could rise, even if unemployment increased modestly 
• Why more affordable apartments will challenge prestige property as one of the best performers in 2024 

We hope you find this edition of Talking Property insightful as you embark on your property journey in 2024 

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The Sydney property market has been a subject of intense scrutiny, especially through the unexpected turns of the global pandemic. In this edition of 2GB Summer Nights, Michael sat down with Peter O'Malley from Harris Partners Real Estate, to dissect the resilience and vitality of Sydney's housing market. Despite widespread pessimism during the peak of COVID-19, the market not only persevered but also saw significant growth—a 12.5% increase in house prices and over 8% for apartments.

What factors have contributed to this surprising upturn? Immigration is one of the primary drivers, as it leads to a growing demand for housing. With a lag in housing supply, this imbalance has led to a staggering 15% surge in the rental market. Furthermore, the soft Australian dollar has proved attractive to international investors, funneling additional capital into the real estate sector. These dynamics have combined to create a robust market that continues to defy expectations. 

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Brace yourselves as we navigate the intriguing twists and turns of the 2023 Sydney property market with Louis Christopher from SQM Research. We'll be analysing the impact of surging interest rates and the concerns stirred by the RBA regarding escalating housing prices. Get ready to examine the recent slump in auction clearance rates and discuss the disparity in performance between houses and units. We also delve into potential distressed selling scenarios and the effects of the sudden population boost due to the reopening of international borders.

But wait, there's more! We're not only keeping our eyes on Sydney, but we're also dissecting nationwide issues, including the downturn in dwelling approvals. Uncover the possible triggers and the government's role in fostering certainty. Understand the structural decline in listings over the past decade, and how transaction costs are impacting property holding decisions. We'll also discuss the surprising lack of financial distress and how it explains the low number of forced sales. So, get ready for an enlightening conversation that goes beyond the norm, as we uncover the realities and expectations of the Australian property market. Tune in and let's decipher the future together!

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Thanks for joining us for another great episode of Current Market Insights. In this episode we break down the RBA rates decision in December, and the factors that led to their rates call. We get into the nitty-gritty of the two-speed economy that the pandemic has birthed, the widening wealth gap, and the mounting insurance costs in strata schemes. We also dissect how these dynamics are reshaping various Australian cities and regions, offering a captivating insider's perspective.

Have you heard about the dangerous trend of "liar loans" creeping into the housing market? In this episode, we also pull back the curtain on this unsettling reality. This episode doesn't just deliver a cautionary tale, but insists on a vital lesson - the importance of living within your means and considering the potential fallout from financial dishonesty.

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Ever wondered about the reliability of real estate data? We're pulling back the curtain on auction clearance rates and comparing methodologies from different industry sources like Domain, CoreLogic, and SQM Research. 

Louis Christopher, a renowned industry expert, joins Peter O'Malley in this special edition of Current Market Insights, to discuss the possible reporting failures and the dependability of tools like CoreLogic's daily index. Together, they delve into the complex world of housing market data and give you a rare peek behind its intricacies.

The other half of the discussion centers on the intriguing theory of the mortgage cliff, its potential consequences, and the astonishing resilience of today's housing market. They dissect factors such as migration, housing shortage, and low-interest rates to make sense of what's driving the market. 

Simultaneously, they also shed light on potential risks, like the widening wealth gap in Australia and the serviceability buffer test. They wrap up with a fascinating exploration of the return of buy-and-hold investors alongside a thoughtful discourse on the high land taxes and strata rates they face. Join us on this enlightening journey as we uncover the hidden truths of the Australian housing market and wealth inequality.

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Ready to navigate the murky waters of the current property market? Host Ciaran O'Brien sits down with Harris Partners Principal Peter O'Malley in this weeks episode. We dissect the recent rate rise that's left buyers and sellers in a tailspin, scrutinize the dip in auction clearance rates, and highlight the flood of stock hitting the market. With the threat of another rate hike in February and the looming mortgage cliff, we tackle the challenges ahead and offer sage advice for sellers navigating these choppy waters.

Moving on, we unveil the broader real estate trends that you need to know. Ever wondered if you should completely trust your real estate agent's advice? We tackle that, too. Plus, we dive into the controversy surrounding the recent $30,000 first home buyers grant in Queensland. Peter lays bare his insights on this game-changing move and probes if other states will follow the leader. Wrapping up, we ponder on the effects of first home owner grants on the housing market and discuss a fresh approach in New South Wales to combat the housing supply crisis. So, buckle up for an insightful discourse on all things property market related.

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Welcome to another episode of Current Market Insights, where host Ciaran O'Brien is joined by Real Estate Author, Industry Leader and Principal of Harris Parters Real Estate, Peter O'Malley to discuss the current state of the property market.

In this week’s episode, we discuss predictions for the movement of the property market in 2024, looking at data from the big banks, financial commentators, and global examples of property shifts. Don't miss Peter's predictions for the year ahead, and much more.

Listen today on your favourite podcast platform and subscribe to receive our latest episode each week!  If there is a topic you would like to hear more about, don't hesitate to reach out to [email protected] and let's see if we can't get it done for you!

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As always if there is a specific topic you would like for us to cover, please reach out and let us know!

 Welcome to another episode of Current Market Insights, where host Ciaran O'Brien is joined by Real Estate Author and Industry Leader Peter O'Malley to discuss the current state of the property market.

In this week’s episode, we discuss the latest rates decision from the RBA on Melbourne Cup day and the flow on impacts this decision will have on the broader Sydney property market.

Listen today on your favourite podcast platform and subscribe to receive our latest episode each week!  If there is a topic you would like to hear more about, don't hesitate to reach out to [email protected] and let's see if we can't get it done for you!

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As always if there is a specific topic you would like for us to cover, please reach out and let us know!