Finance advice

Wage growth needs to surpass housing growth, claims RBA

By Lucy Dean
housing growth, wage growth, property market, property investment, finance, RBA

The Reserve Bank of Australia has stated that although it does not focus on the property market, it “would be a good outcome” if the housing growth did not surpass income growth.

RBA governor Philip Lowe has told the House of Representatives Standing Committee on Economics that the RBA would consider it a good outcome if the next few years saw housing prices slow to the extent that they no longer surge ahead of stagnating wage growth.

He said that while the RBA believes the buildup of risk in household balance sheets has been somewhat contained, thanks to stricter lending standards, poor wage growth is still a theme.

Noting that price increases have slowed in Sydney and Melbourne, he said: “Most households are experiencing only slow growth in their incomes and many expect that this will continue for some time yet. This lowering of expectations about income growth is likely to be affecting spending, especially in an environment of high levels of household debt. A pickup in income growth, by way of ongoing increases in jobs and stronger wage growth, should help here.”

He added: “While the Reserve Bank does not target housing prices or household debt, it would be a good outcome if we now experienced a run of years in which the rate of growth of housing costs and debt did not outstrip growth in our incomes in the way that they did over the past five years.”

Mr Lowe attributed the “subdued” wage growth to continued spare capacity in the economy and in particular the tapering-off of the mining investment boom, heightened competition due to globalisation and technological evolution, and a different negotiating ecosystem.

“Over time, we expect wage growth to pick up as the labour market strengthens further. The pickup, though, is likely to be gradual,” he continued.

“This increase in wage growth and the more general reduction in spare capacity in the economy are expected to contribute to inflation picking up as well. But to continue the theme, this pickup, too, is expected to be only gradual.”

He argued that this is why the RBA has chosen to leave cash rates on hold at 1.5 per cent since August 2016. The benefits of monetary stimulus and the medium-term risks that come with high levels of household debt have meant the Reserve Bank has had to “steer a middle course”.

According to the Australian Bureau of Statistics, residential property prices in Australia’s eight capital cities increased by 8.3 per cent from the September 2016 quarter to the September 2017 quarter. Over that same period, the Wage Price Index increased by 2.0 per cent in original terms.

The latest CoreLogic property numbers revealed that Sydney dwelling values grew by 79.3 per cent in the last 10 years while Melbourne saw 72.4 per cent growth. Regional NSW and Victoria recorded 36.3 per cent and 42.7 per cent growth apiece.

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Purchasing their first property 15 years ago with the intention of creating a property portfolio which would see them comfortably supported during their retirement, Max and Jeanette Schudeboom now have a portfolio of 13 properties.

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Max and Jeanette joins  host Phil Tarrant to discuss their property journey, compare the Australian market to Max’s home town of Holland, and share their plans to maintain the size of their portfolio.

The pair also unpack how they manage and finance their portfolio, discuss the process they go through when choosing where to invest, and share the tips learned from 15 years as property investors.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

Two components of good investment research
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AREAS MENTIONED:

Castle Hill
Point Cook
Elizabeth East
Huntfield Heights
Mt Warren Park
Albury
Cambridge Park
Penrith
Braemar
Morayfield
Melbourne
Mill Park
Edens Landing

 

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What 15 years in property investment teaches you
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Property investors are now able to identify and bid on auctions remotely using a new live-streaming functionality launched by Gavl.

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Called “Request an Auction”, the new functionality enables users to watch and bid on any Sydney or Melbourne auction remotely.

Through Gavl, prospective buyers are now able to register to bid on their preferred auction. The platform will obtain permission from the listing agent and confirm within 48 hours.

Vendors can also request to have their auctions broadcast to a larger buyer audience.

Co-founder Joel Smith said that auctions streamed on Gavl attract 47 per cent more viewers than traditional ones.

He said that Request an Auction will be valuable for remote buyers.

“Buyers are able to have Gavl attend any auction they nominate, so they will never have to miss out on an opportunity due to logistical complications in physically attending the auction.

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Mr Smith said that prior to the Request an Auction app, buyers were limited to what they could achieve through the Gavl technology.

Gavl is a live-streaming and bidding platform for real estate auctions.

Mr Smith said that it has streamed more than 6,000 auctions, which have achieved 3.5 million views from 50 countries.

Gavl’s Request an Auction function is currently being offered in Melbourne and Sydney only.

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Boost for investors as app sets up off-site bidding
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Having to split her time between Hong Kong and her original base of Sydney has not slowed Julia Tita’s goal of building a high-performance Australian property portfolio. Instead the resulting alterations to her strategy have positively impacted her investing success.

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Having recently purchased her 6th property, Julia joins host Tim Neary to discuss her journey, share her ups and downs over the years, and reveal her thoughts on why some properties are better than others.

Julia also explains why she no longer makes a move without the help of a buyer’s agent, why working with a strong team of specialists is extremely important and discloses her long-term property ambitions.

If you like this episode, show your support by rating us or leaving a review on iTunes (The Smart Property Investment Show) and by following Smart Property Investment on social media: FacebookTwitter and LinkedIn.

If you have any questions about what you heard today, any topics of interest you have in mind, or if you’d like to lend your voice to the show, email [email protected] for more insights!

RELATED AREAS OF INTEREST:

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AREAS MENTIONED:

Eagleby
Charters Towers
Townsville
Brisbane
Paddington
Sydney
Orange
Melbourne 
Glen Iris
Bondi

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How a move to Hong Kong impacted Julia’s Australian property goals

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