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Rawdon Christie: Real estate agent on house prices continuing to fall in Cotality's latest Home Value Index · Early Edition with Ryan Bridge

• 0:00
  Speaker 1: House prices, so if you own one, trying to sell one,
• 0:03
  Speaker 1: going in the wrong direction for your totality. Data shows
• 0:06
  Speaker 1: relative flatness down point two for the month, but further
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  Speaker 1: out the worst it gets average values down point eight
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  Speaker 1: for the previous quarter point nine year on years, still
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  Speaker 1: down seventeen and a half. On early twenty twenty two,
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  Speaker 1: pick Roden Christie, real estate agent with us this morning, Rodin,
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  Speaker 1: Good morning.
• 0:21
  Speaker 2: Hello Ryan, how are you very well?
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  Speaker 1: Thank you? So prices aren't you taking off? But they
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  Speaker 1: sort of weren't expected to. What do you think is
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  Speaker 1: going to happen over the next year?
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  Speaker 2: Yeah, this question I get asked every day. Yeah, look,
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  Speaker 2: there's no doubt that totality that well, they're obviously looking
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  Speaker 2: at the statistics, but that's how we're also feeling in
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  Speaker 2: the market. I mean, the reality is the word is stable.
• 0:46
  Speaker 2: It's the fluctuations which we've had over the last three
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  Speaker 2: years aren't really there. It's very stable. It's pretty flat.
• 0:55
  Speaker 2: You know, economic concerns have been driving this to an extent.
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  Speaker 2: You know, we've had a market where buyers are taking
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  Speaker 2: a lot longer to make decisions due diligence periods are longer.
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  Speaker 2: Vendors have needed to be more realistic with their price expectations.
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  Speaker 2: What we're probably going to get I would say we'll
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  Speaker 2: be influenced by three main factors. Interest rate expectations. Again,
• 1:18
  Speaker 2: they're slightly unpredictable. I think ASP yesterday what they reduced,
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  Speaker 2: some increased others. Whether the listing numbers begin to tighten.
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  Speaker 2: That is the absolute key here. It's the supply and
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  Speaker 2: demand market and we've had this huge volume of listings
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  Speaker 2: on the market. There's still a lot on the market,
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  Speaker 2: but now what we're seeing is the quality of those
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  Speaker 2: listings is dropping off, so there's a lot of tough
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  Speaker 2: stuff to sell. They may be problem problem properties, flood zones,
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  Speaker 2: construction some so maybe if people are worried about how
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  Speaker 2: unitary plans might be changed on them, all their problem
• 2:02
  Speaker 2: properties because vendors just want too much for them. But
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  Speaker 2: we're what we're finding now is the really good quality
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  Speaker 2: stock is falling off and that is the key I
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  Speaker 2: think to seeing a market which may start to lift.
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  Speaker 2: And alongside that, of course, the big one is by
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  Speaker 2: a confidence heading into the spring, what will happen in
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  Speaker 2: Iran that's been driving this that there some this slightly
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  Speaker 2: tough market of the last six months or so, and
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  Speaker 2: so by a confidence will will be the absolute key.
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  Speaker 2: And then of course you've got that little thing called
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  Speaker 2: the election in November, which again is making some people
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  Speaker 2: slightly nervous about whether they'll just sit and wait. Goodness
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  Speaker 2: knows why it's way, but those are going to be
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  Speaker 2: the three factors. That one about supply and demand is
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  Speaker 2: the absolute key, though if inventory remains elevated, values will
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  Speaker 2: probably remain stable as they have been for the last
• 2:57
  Speaker 2: six months.
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  Speaker 1: Fantastic rep Rull appreciate that. Rowden Christian real estate agent
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  Speaker 1: with us this morning.
• 3:03
  Speaker 2: For more from Early Edition with Ryan Bridge. Listen live
• 3:06
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• 3:09
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