00:02well interestingly enough this month it was brisbane overtaking sydney which has really
00:06led the downturn so brisbane housing values were down one and a half percent that's shaved roughly
00:12about sixteen thousand dollars off the median value of course brisbane has been trending lower
00:17for the past uh four months now sydney's been down for the last uh eight months melbourne peaked back
00:23in november so this is very much a broad-based downturn we are expecting this will be an
00:28environment of rates holding higher for longer so that's bad news for housing values it's probably
00:33good news for buyers ultimately at least when the dust settles on this rate hiking cycle because
00:39values will be lower and ultimately interest rates won't hold this high for forever but yeah it does
00:45mean that this housing downturn is probably going to be deeper than what many originally thought
00:50this is the interesting thing even though it is absolutely a buyer's market there's quite a bit
00:54of stock to choose from now because listings are about 20 higher than a year ago but sales numbers
01:00are right down and i think this really reflects the confidence in the housing market and the broader
01:05economy cost of living pressures high interest rates so for now even though it is a buyer's market
01:11the missing piece of the puzzle is actually buyers i think first home buyers will probably become more
01:16active once interest rates start to come down and given the budget changes around taxation for
01:22investors we probably won't see as much in uh competition from investors either but that still
01:28seems to be some way off before the market starts to stabilize
01:31you
