We are long overdue a property price correction. The supply of housing for Australian families to purchase is woeful. It’s time for the Australian government to put a stop to overseas investors buying into the Australian domestic market.
Almost oversea people they bought property in Australia by corruption money from communist countries. That encourage corruption in the communist countries
So why hasn't my wage doubled every 7 years? Even if prices were to HALF, they would still be inflated when compared to wage growth, just think about that. A crash is not only coming, but required to bring some sense back into the market. People are saving for 10+ years to artificially add to a 30 year mortgage. That's really a 40+ year mortgage at the moment, which is 80+ working years (singles can barely get 300,000-400,000 on an average salary, so absolutely NO luck for them buying anything decent). I only feel sorry for the people who were sucked in over the past 5 years at such crazy prices and will now have to sell once their repayments become 50+% of their combine income. It's no way to live at the moment, wage slavery over somewhere to live. The system is rigged in the country and this downturn only presents an opportunity for the already rich to buy up more property and rent it back to the working class.
I don't think there gonns crash more than maybe 20 to 25 percent so only people who got a mortgage over 600k would be fuxked. But if you ever did that your a fool really
I found this report by Martin to be a real eye opener . Refreshing in his no BS and studied approach to the property market , Interviewer excellent as well . very good !
There is a big issue with this ordinary analysis, land prices will not go down the risk, lengthy timelines, massive costs and huge red tape makes little margin in property development. Then building, its 20% higher than normal due to supply issues, plus builders are not in good shape financially, being burned and many falling over with fixed contracts, supply issues and rising costs. So how many will wait and take a chance in building, so that will make existing homes more attractive and possibly a better buy. Yes there will be a slowdown, yes some might have to sell, but also a strong rental market. So why again will prices drop significantly? Oh and those whinging on not having enough deposit or being able to afford something....its never been easy buying a house, it comes with sacrifice, buying smaller, further out, saving like hell. There is more support now with stamp duty concessions than ever before, do what everyone else including your parents did, sacrifice, lower your expectations, save like hell.
Its complex, but supply and demand will keep it high. The cieling will be the lending limit for new buyers. I think cities will see the modest decreases, rural will remain strong and grow. It was a forgotten area of the market for nearly 20 years.
A 20% drop in house prices roughly only brings them into line with prices before the virus. The RBA needs to balance moderate house price falls and arrest inflation at the same time. My concern is they will be spooked by falling house prices and stop raising rates. This will entrench the high prices we have now for everyday items.
It's funny how non-chalant people are about the idea of prices dropping 20% because they've never seen anything like that in their lives and laugh it off, it's like they forget they basically did 20% in a year and 20% back down is completely reasonable.
@@Flamamacue The 20% up and down was created by basically free money given to the banks by the RBA on the back of the government wanting to keep the economy going through the pandemic. It was an artificial rise with reality bringing it back down.
The currency itself is way more important than the housing bubble being burst. For everyone here today and future generations they have to protect the currency. You're not going to be very rich and you'll see what your house is truly worth when a hot dog costs the equivalent of one month's average wage like it is in Venezuela. Don't believe that? Check it out for yourself. Also don't think that won't happen here. In Turkey they have 70 percent inflation and are looking at losing their currency. Turkey is not some backwater FYI.
I think RBA is doing a terrible job. No one is going to believe what Philip lowe says now, he's got no credibility. Policy maker needs to be visionary for the next few years at least, not making decision just based on the current situation. It's better to have gradual changes that leads to soft landing than making a drastic U turn that crashes the economy. Interest rate should be raised a lot earlier such as the beginning of the year, but can be done in gradual manner such as 0.15% increment each time. The we will end up with the same interest rate now, but with a lot less damage to the economy.
We dont know the full story, how can we we dont sit in those secret meetings. So noone knows why they doing it and what the end game is. All we can do is plan plan plan
They just need a few of the poorest people to default so rich mates can buy them up at rock bottom prices and rent back to the working class. As if rich people don't own enough negatively geared property as it is...
we’ve had this issue before and people just sold up and cut losses, its a bit harder now as there are very low rentals available, so where do you go if you sell up if you don’t have family, don’t forget there is still a mortgage if you sell for less than you bought
Good suburb price never goes down because the supply is very limited where you will see the average price drops dramatically. Poors became even poorer. Wealthy groups stay there.
NO to foreign investment. NO STAMP DUTY for first home buyers. Double Stamp duty for second home buyers. Triple Stamp duty on third house. Average person has no help vs wealthy people gets all advantages.
Hi I am currently selling my home on the Central Coast and am renting a house with my adult son in Wollongong shared rent. I have decided to waiting 12-18 months before I buy here in Wollongong. Time to settle, look around and see what's happening with the market. Is this a good plan?
We are a couple in our late 50s,hoping to buy again having just returned to the country after 7 years away,what are are chances of getting a mortgage again(preferably here in QLD)in the near future? TIA.
This is not following the metrics. Houses are not going to stay expensive and rates do not stay the same. It is better to buy a house next year when home prices will be down 30 -50% at a high interest rate and refinance when you can get a better rate. What lenders and realtors won't tell you is you cannot refinance if you have negative equity. It lags in real estate by 1-2 months for drops to be seen and there is a 5% decline in home sales just in June, so it will be probably around Q1 of 2023 maybe Q2 before people will wake up to a market crash. The Fed's whole purpose when they raise rates is to slow the market, so you can't say home valuations are just going to keep going up or even stay the same once the Fed gets done trying to correct market conditions. BE SKEPTICAL OF ANY LENDER OR REALTOR TRYING TO TELL YOU OTHERWISE!
Thanks Dan, that's a great question and the banks won't refinance a loan over 90% of the property value. If you are lending over 80% of the property value in alot of cases the banks will charge lenders mortgage insurance. It might be an idea to chat with your existing lender you have the current mortgage with to see if you can negotiate the rate down
Martin North never talks about individual house markets. There are some markets that will go up and some that will go down during this time. It's too broad to bundle the whole Australian property market and make an opinionated sweeping statement about it. It's not all doom and gloom Martin..
I have 3 0% loans that I pay monthly :) 4 rentals and one main residence. I am looking to sell my main residence and move in to one of my rentals atm. Market is not the same
He also said in this video that the price increase of the last 24 months was unexpected. BS. I spoke with several investors that were almost certain March 2020 was an incredibly good time to buy Becareful with paying too much attention to academics like this
It should have but america australia and every single country printed their way out of it. Which is not what should happen in a capataliatic system. Now its an o shit moment, they either crash the market all the system is over. inflation is no joke they have very extensive models that show they dont have a choice. they should have raised by .75 but are trying to avoid panic. .5 at least 1 more time then .25 to .15 rate rises from there.
Weren’t Australians waiting since 2000s to buy an affordable house and it hasn’t happened yet? lol good luck Australians. Maybe the key to this is Hong Kongese who escape from China. They will buy ‘em for everyone suffering.
Hopefully the Federal Government will restrict international buyers from the Australian housing market sub $1,000,000 to help australian citizens for a change.
Doomsayer is at it again. I listened to this joker in 2016 and never bought. I finally said fuck it and bought in 2019. I'm so glad I did. He's never got the market right.
Good strategic comments from Martin. I don't believe Australia will ever see that growth again. In fact, if the government doesn't take some real action to tackle housing affordability they will have a homelessness crisis on their hands as well. If we don't allow hard working Australians the opportunity to own their own home, we've royally screwed things up IMO. th-cam.com/video/7YGCsEuSXS8/w-d-xo.html
🧡💛💚💙 Everyone saving for a house is saving in garbage fiat (Aussie Dollars). There are better investment vehicles to outperform but of course you need some diamond hands and take a time-frame longer than 36 months
Agreed, spend your 300k house deposit on 20 Bitcoin when it bottoms out at AUD15k later this year and you'll turn that same 300k into 6M By 2025-26. Then buy 2 houses cash and bank another 2M Easy Peezy haha 🤞🤞
@@jasonmcroberts7994 -- I like the way you think sir, I got some of that old Bitcorn myself and some fancy Ethereum with a touch of ChainLink on the side 💫
Most Australian are not nor have they been taught about how to budget and think about the future. They rely on what the government tells them and the rhetoric that’s played out in the media also driven by government spruiking. History just repeats itself with the same demographic of people that gets caught out unfortunately.
![First Home Buyer Tips Australia [Buying a house in 2024]](http://i.ytimg.com/vi/qpoNkSD2O10/mqdefault.jpg)
![First Home Buyer Tips Australia [Buying a house in 2024]](/img/tr.png)
📚 My Free Resource Hub & Education Community 👉 go.huntergalloway.com.au/hub
We are long overdue a property price correction. The supply of housing for Australian families to purchase is woeful. It’s time for the Australian government to put a stop to overseas investors buying into the Australian domestic market.
Thanks for watching!
Almost oversea people they bought property in Australia by corruption money from communist countries. That encourage corruption in the communist countries
Totally agree… make it more difficult for the wealthy investors too 👍
Thats not how trickled down economics and corruption works though.
You cannot stop US and UK to do it, only country you could stop is China because the media is control by US/UK.
Martin is brilliant, thanks for having him. He is insightful, pragmatic and most importantly honest.
Thanks Ahmad!
So why hasn't my wage doubled every 7 years? Even if prices were to HALF, they would still be inflated when compared to wage growth, just think about that.
A crash is not only coming, but required to bring some sense back into the market. People are saving for 10+ years to artificially add to a 30 year mortgage. That's really a 40+ year mortgage at the moment, which is 80+ working years (singles can barely get 300,000-400,000 on an average salary, so absolutely NO luck for them buying anything decent). I only feel sorry for the people who were sucked in over the past 5 years at such crazy prices and will now have to sell once their repayments become 50+% of their combine income. It's no way to live at the moment, wage slavery over somewhere to live. The system is rigged in the country and this downturn only presents an opportunity for the already rich to buy up more property and rent it back to the working class.
Thanks for sharing James
I don't think there gonns crash more than maybe 20 to 25 percent so only people who got a mortgage over 600k would be fuxked. But if you ever did that your a fool really
Definitely a rigged System created and controlled by those in power.
Well your comments make sense
Well done on bringing Martin North onto your show. Someone who bases his opinions on research and data unlike the MSM.
Thanks for the feedback AD, appreciate it!
We all are waking up to the fact that main stream media lies to us, I agree with your comment
I found this report by Martin to be a real eye opener . Refreshing in his no BS and studied approach to
the property market , Interviewer excellent as well . very good !
Thanks Brett, appreciate your feedback!
Thanks for having me on!
Was a pleasure Martin!
Do you have a TH-cam channel ?
@@Travelingman-1980 why are they shit
There is a big issue with this ordinary analysis, land prices will not go down the risk, lengthy timelines, massive costs and huge red tape makes little margin in property development. Then building, its 20% higher than normal due to supply issues, plus builders are not in good shape financially, being burned and many falling over with fixed contracts, supply issues and rising costs. So how many will wait and take a chance in building, so that will make existing homes more attractive and possibly a better buy. Yes there will be a slowdown, yes some might have to sell, but also a strong rental market. So why again will prices drop significantly? Oh and those whinging on not having enough deposit or being able to afford something....its never been easy buying a house, it comes with sacrifice, buying smaller, further out, saving like hell. There is more support now with stamp duty concessions than ever before, do what everyone else including your parents did, sacrifice, lower your expectations, save like hell.
Thanks for sharing Scott
Its complex, but supply and demand will keep it high. The cieling will be the lending limit for new buyers. I think cities will see the modest decreases, rural will remain strong and grow. It was a forgotten area of the market for nearly 20 years.
Thanks for sharing Boyd
A 20% drop in house prices roughly only brings them into line with prices before the virus. The RBA needs to balance moderate house price falls and arrest inflation at the same time. My concern is they will be spooked by falling house prices and stop raising rates. This will entrench the high prices we have now for everyday items.
It's funny how non-chalant people are about the idea of prices dropping 20% because they've never seen anything like that in their lives and laugh it off, it's like they forget they basically did 20% in a year and 20% back down is completely reasonable.
@@Flamamacue The 20% up and down was created by basically free money given to the banks by the RBA on the back of the government wanting to keep the economy going through the pandemic. It was an artificial rise with reality bringing it back down.
Thanks for watching!
@@justicebroker2271 totally agree. Well within reason to do numbers far beyond 20%
The currency itself is way more important than the housing bubble being burst. For everyone here today and future generations they have to protect the currency. You're not going to be very rich and you'll see what your house is truly worth when a hot dog costs the equivalent of one month's average wage like it is in Venezuela. Don't believe that? Check it out for yourself. Also don't think that won't happen here. In Turkey they have 70 percent inflation and are looking at losing their currency. Turkey is not some backwater FYI.
I think RBA is doing a terrible job. No one is going to believe what Philip lowe says now, he's got no credibility. Policy maker needs to be visionary for the next few years at least, not making decision just based on the current situation. It's better to have gradual changes that leads to soft landing than making a drastic U turn that crashes the economy. Interest rate should be raised a lot earlier such as the beginning of the year, but can be done in gradual manner such as 0.15% increment each time. The we will end up with the same interest rate now, but with a lot less damage to the economy.
Thanks for watching!
We dont know the full story, how can we we dont sit in those secret meetings. So noone knows why they doing it and what the end game is. All we can do is plan plan plan
They just need a few of the poorest people to default so rich mates can buy them up at rock bottom prices and rent back to the working class. As if rich people don't own enough negatively geared property as it is...
This reminded me of 2011 qld flood. Government could totally aviod big flood by releasing water from dam earlier.
Budget. Yes! Amen to that. I wish the government knew how to budget rather than spending like money grows on trees 🤦🏻♀️
Thanks for watching!
RBA governor Lowe is told each month when to lower rates & to what degree. That’s why he cannot give any guidance as to the peak of interest rates.
Thanks for sharing Geoff!
Martin was so easy to understand. Love the interview. Thanks guys.
Glad you enjoyed it!
Over here in Perth, under supply and over demand, homes not getting built, no rentals....
Prices ain't dropping over here
Thanks for sharing Nate!
Same as in Brisbane
So much work here. Shortage in workers, shortage in housing. Just a perfect storm brewing. Perth has some more growth!
yeah right bro you'll find out.
It’s inevitable they WILL !
we’ve had this issue before and people just sold up and cut losses, its a bit harder now as there are very low rentals available, so where do you go if you sell up if you don’t have family, don’t forget there is still a mortgage if you sell for less than you bought
Thanks for sharing
I mean it depends what has been payed off and how much a deposit you originally had. Most people don't get a mortgage of 100 percent the houses value
Good suburb price never goes down because the supply is very limited where you will see the average price drops dramatically. Poors became even poorer. Wealthy groups stay there.
Thanks for sharing
NO to foreign investment.
NO STAMP DUTY for first home buyers.
Double Stamp duty for second home buyers.
Triple Stamp duty on third house.
Average person has no help vs wealthy people gets all advantages.
Thanks for watching Jagit!
Can only hope saving rate increases also.
Thanks for sharing Roslyn!
Piece of land cost X , materials have gone up, builders rates are up, how then can houses will be cheaper ?
Thanks for watching!
One tomato cost me $2.50 this week
Crazy, right!
don’t buy tomatoes then, get creative
Thanks Martin ! A voice of temperance in a world awash with debt like tomorrow doesn't matter
Thanks for sharing Murray and glad you enjoyed the video!
Debt has made me a significant amount of money in a short time. I love debt
Thank you Martin, excellent info
Thanks for watching Simon!
Hi I am currently selling my home on the Central Coast and am renting a house with my adult son in Wollongong shared rent. I have decided to waiting 12-18 months before I buy here in Wollongong. Time to settle, look around and see what's happening with the market. Is this a good plan?
Thanks Kathryn, hindsight is 20/20 and I guess you'll only know in hindsight
Still watching Frank G Melbourne Australia 🇦🇺 ❤️
We are a couple in our late 50s,hoping to buy again having just returned to the country after 7 years away,what are are chances of getting a mortgage again(preferably here in QLD)in the near future?
TIA.
Thanks Andy, certainly won't be any drama's to get a mortgage in the near future - even in late 50s
You'd likely be wise to delay your purchase by up to 12 months to obtain value in the likely upcoming price fall.
This is not following the metrics. Houses are not going to stay expensive and rates do not stay the same. It is better to buy a house next year when home prices will be down 30 -50% at a high interest rate and refinance when you can get a better rate. What lenders and realtors won't tell you is you cannot refinance if you have negative equity. It lags in real estate by 1-2 months for drops to be seen and there is a 5% decline in home sales just in June, so it will be probably around Q1 of 2023 maybe Q2 before people will wake up to a market crash. The Fed's whole purpose when they raise rates is to slow the market, so you can't say home valuations are just going to keep going up or even stay the same once the Fed gets done trying to correct market conditions. BE SKEPTICAL OF ANY LENDER OR REALTOR TRYING TO TELL YOU OTHERWISE!
Thanks for sharing Cyrena
What about shortage of rentals? Like perth for eg
Great point Tracy
Can you renew your mortgage if your home has negative equity?
Thanks Dan, that's a great question and the banks won't refinance a loan over 90% of the property value. If you are lending over 80% of the property value in alot of cases the banks will charge lenders mortgage insurance. It might be an idea to chat with your existing lender you have the current mortgage with to see if you can negotiate the rate down
Thank you both for posting that
Thanks Bernie!
Love these collabs you guys have been doing. Subbed to IOTP and have binged all their recent videos 🔥
Awesome! Thank you!
Martin on the money. Gives you credibility too.....
Thanks for watching!
Amazing thanks Nathan
Thanks Ross, appreciate the suggestion!
Martin North never talks about individual house markets. There are some markets that will go up and some that will go down during this time. It's too broad to bundle the whole Australian property market and make an opinionated sweeping statement about it. It's not all doom and gloom Martin..
Thanks for sharing Harold!
Here the government started to give new buyers who never bought a house before 30k gift towards their first house.
Thanks for watching, there are certainly alot of schemes and incentives around for first home buyers
I have 3 0% loans that I pay monthly :) 4 rentals and one main residence. I am looking to sell my main residence and move in to one of my rentals atm. Market is not the same
Thanks for sharing Matthew
Lowe Lowe Lowe Lowe apple bottom jeans, boots with the fur, the whole financial market looking at her.
Thanks for watching!
There will be many mortage defaults, as it happened the same way in many countries during BUBBLES.
Btw...Martin North knows the shit already hit the fan, he is just playing optimistic...
Thanks for watching!
A rare pragmatic voice of reason.
Thanks for watching Keith!
God knows the government has to do something with affordable construction as we are in a right mess.
Thanks for watching Mark!
House price crash in the UK be careful ♥️♥️♥️♥️♥️♥️♥️
Thanks for watching Mohammad, will be interesting to see how things play out
Bro do you know anyone from Manuka views development in Logan village?
Unfortunately not Jobin
I think my hard earned wage is devalued nothing else!
Thanks for watching!
The guest called a looming crash 3 years ago. How’d that work out. Not saying he’s right or wrong Jus saying!!
He also said in this video that the price increase of the last 24 months was unexpected.
BS.
I spoke with several investors that were almost certain March 2020 was an incredibly good time to buy
Becareful with paying too much attention to academics like this
Thanks for watching!
It should have but america australia and every single country printed their way out of it. Which is not what should happen in a capataliatic system. Now its an o shit moment, they either crash the market all the system is over. inflation is no joke they have very extensive models that show they dont have a choice. they should have raised by .75 but are trying to avoid panic. .5 at least 1 more time then .25 to .15 rate rises from there.
Quite the opposite analysis from one of your other guests, Simon Pressly
Thanks for watching David, 100% - that's right. We value having a diverse set of views from our guests and hopefully this helps!
Weren’t Australians waiting since 2000s to buy an affordable house and it hasn’t happened yet? lol good luck Australians. Maybe the key to this is Hong Kongese who escape from China. They will buy ‘em for everyone suffering.
Thanks for watching Ta!
Hopefully the Federal Government will restrict international buyers from the Australian housing market sub $1,000,000 to help australian citizens for a change.
Doomsayer is at it again. I listened to this joker in 2016 and never bought. I finally said fuck it and bought in 2019. I'm so glad I did. He's never got the market right.
Thanks for sharing Sid!
ok sid :)
Thankyou Mr $911k pa Lowe !!!
Thanks for watching
What's the mouse click for....u think chat that boring u need do that ...well yes it is but why be annoying
Thanks for watching Nick!
This didn’t age well
MARTIN NORTH DELETED ALL HIS VIDEOS PRIOR TO 2021 because he was so wrong! What a DH!
Thanks for watching!
What has this bloke actually done in property? He should be a billionaire at his age if he is as professional as he claims
Thanks for watching Rob
@@MortgageBrokerAustralia thanks for answering my question
Good strategic comments from Martin. I don't believe Australia will ever see that growth again. In fact, if the government doesn't take some real action to tackle housing affordability they will have a homelessness crisis on their hands as well. If we don't allow hard working Australians the opportunity to own their own home, we've royally screwed things up IMO. th-cam.com/video/7YGCsEuSXS8/w-d-xo.html
Thanks for watching Biko!
🧡💛💚💙 Everyone saving for a house is saving in garbage fiat (Aussie Dollars). There are better investment vehicles to outperform but of course you need some diamond hands and take a time-frame longer than 36 months
Thanks for watching
Agreed, spend your 300k house deposit on 20 Bitcoin when it bottoms out at AUD15k later this year and you'll turn that same 300k into 6M By 2025-26.
Then buy 2 houses cash and bank another 2M
Easy Peezy haha 🤞🤞
@@jasonmcroberts7994 -- I like the way you think sir, I got some of that old Bitcorn myself and some fancy Ethereum with a touch of ChainLink on the side 💫
@@sommi888 perfect! Grab some AZERO for desert when you get a moment, a 1000x in the making that bad boy! Good luck...
@@jasonmcroberts7994 I have AZERO sir!!! 👍 1 AZERO to $10.00 please
Plenty of casual jobs out there, people need to get off their arse.
Thanks for sharing Liba
Labor has long bad economic leader in history. No idea why Australian voted
Thanks for watching!
Most Australian are not nor have they been taught about how to budget and think about the future. They rely on what the government tells them and the rhetoric that’s played out in the media also driven by government spruiking. History just repeats itself with the same demographic of people that gets caught out unfortunately.
Man with active stake in housing market providing bias opinion about the housing market
Thanks for watching
Oh my God, I have no idea what he's saying..... please include subtitle..... we yanks can't understand your English
Haha, thanks for watching!
Rubbish, house prices never fall in Australia
Thanks for watching Tarek!
Still sky rocketing here. I think youre mis informed.
Thanks for sharing Geoff
U GO TO SCHOOL LEARN MACRO ECONOMICS.
Thanks for watching Rex