United States, New York, Chief Economist discussed on The Property Couch
He had a really great chat with narrow. Toconas be the chief economist at the rei group earlier. This week on property The regional locations the election interest rates in whole range of other things. And we obviously wanted to make these available for you to listen here on the couch podcast. So we're going to get to the interview that will head on facebook live earlier. In the week with narrada conan speak hombres holdaway host of the property caption tonight. I'll have with. May i returning guests Narrow on speakers the chief economist. At the ira group for most of us now as real real estate dot com that able is other ones as well but toughest will welcome back to the catch up and for having me ask terrific to have you as always before having chet tonight battelle. We couldn't really start a conversation between all that really sort of tipping a hat to the us and the presidential election. And i'm interested in your folks as an economist on the china pale motmain festival for our economy moving second bowl a flow onto the property market. Yeah okay so my thought on the economy and Us aunts a major trading partner erik economic fourteen dollars more closely aligned to china so china from us sanctions suspect people from a political perspective does have much greater bearing. They are a big A partner in strategic partner. And otherwise. I might not be economic related that it apart missing otherwise size The main needs to -bility you know we. We want to save greatest stability in the. Us cds pretty divided country at the moment The someone that was unexpected. I think a lot of people thought it would be a gap between Trump and biden So i guess i roll could me sorry. The good news is a decision and you know. Hopefully it's there's a lot of the country becomes fiddled. Either coming months from studying property Again huge impact because people in the us starting typically by a lot of australian property. And i've been not likely la- agent bars who have been a determined in terms of particularly of the plan apartment but we can certainly say we've certainly seen a big jump in property from the us coming out of places. Like new york and california. I think you know somewhere. Like new york has been hit by Hit very hard by carbon. So you know that having packed is likely to be a fairly big expect community in new york as well. so that's essentially had an impact It's pretty similar to what we saw. When brexit was announced a big increase from the guy from hong kong when the expedition bill with announced resort beating praise from hong kong. You know we do tend to save these fluctuations a search on real estate dot com. You and they're off political situations. That are a little. be done. settling interesting. I guess the big area that people from the us searching each part by side you know this is something that barn by just popping up everywhere the mine and that northern rivas areas just so popula just say property seekers that people from into state and Local as well so that kind of number one which was quite interesting. Probably a little bit driven by the And he's built exactly exactly. I think the us celebrity you probably going to be doubling the us boom population so it's Quite interesting times. Up in the new south wales at the moment it could arguably the center of the universe for a straight line because he's got so much going forward in terms of its lost all it's really grind. Combet you've got an international app or just dive in the border. And then you're actually still within qa of capital city north and not too fast as well. So it's it's you could see wadi. Appeal is but i'm sure it's an safeway for us to talk about some of the at some of the challenges that have happened through cairo. Think it's a favorite oppressor rampage will making decisions guy It not regional spots of the same ally in terms of being able to sustain overlong appear to tom. Cruise the coast here in victoria but the gulf coast in the sunshine coast of the obvious ones. But i guess wherever there's a winery all bit of a foodie culture of if the saint sank the obvious ones midtown. The thing for me. Going forward is Will will there be enough to sustain places. That don't necessarily take those boxes that outrage would offer capable off style down. Did i will pay back themselves to god whilst i have a job. Will i get insecure. That if i ever lose that job would that be added. Another one. Yeah look at anything interesting. I mean we think they seem credible fits activity in regional australia. Covid nineteen and that sounds like lightning three to pricing. We saw las vegas actually translating through the population movement and supported that. They've never seen so many people moving from capitol cds to regional since they've been tracking dada fit. So i you know. There's no doubt that these big shift that's occurring. I think you know what we saw. Product covid was a definite shift originalist riley. I'm sorry we certainly saw that places like serious too. Long ballarat andy guy Moving down woolen gung a go kart sunshine crisis. We're all doing really really well Primarily my little to do with ford ability and not because necessarily really cheap areas but because people can ask a better lifestyle Than what i can actually get into capital city since carbon is that accelerated. So you know that interesting in our various has accelerated but the level of interest has pushed out areas that sweeping commuting distance to capital city. Sorry orange in central west new south. Wales is a good example. Reveal fire in the northern new south wales region navy north. Basically north car- stretching otherwise who've quainton border has become incredibly popular places like wonderful. you know. Wanna both no way really hard to get tomorrow. Delighted that same really good price card so i think it comes back to you. Know these areas you know they they. It's great that people have discovered them but all side there are little bit risking terms of what will happen. Runs back into the office. A lot of is still working from high difference point whether we will be called back into the office. Because i think that be the lingering thought this guy on just pasta fringe commutable areas had something that i'm particularly keeping on. You know i'm i'm the case study. Oh i have. Skied from the city allotted But it's an. I'm seeing unprecedented demand in mind community. It's phenomenal to be on a spit down. It's just that longevity. And i think there's potential that it can happen domain You doing the Online meeting i mean. It's just so normalize. Now that it's possible i still do have An interest to see how that goes stein and going forward. You said this preference is Is two one is how we work and two is the morning sick to how we work. We touched on that around. The fact that we're we're networked for parliament of We once were. You might comment in in one of your blogs that geelong illawarra sunshine coast. Go commander that roy. These china signs anyway prions but can you talk to us. A little bit about the the resurgence in the morning center and how you see that sort of impacting that.