“Don’t Fear A Crash”: Dr Andrew Wilson

Kanebridge News: Let’s cut straight to it – your response to the almost daily diatribe being espoused by the naysayers in regards to the national housing market, specifically Sydney, and predictions about its alleged imminent failure?

Dr Andrew Wilson: Such attention-seeking crash predictions have consistently proved to be wrong in the past, and will again prove just as wrong this time. The prospect for the preconditions for falling house prices – sharp increases in interest rates – has never been more remote.

KN: How do you view market movement in the major capitals the next 12 months?

AW: Strong growth in all capitals – Melbourne, Sydney and Perth top performers all likely higher by 10%. Price’s growth will likely decline over the year as affordability falls through higher prices with flat interest rates and low incomes growth.

KN: And the residential rental market?

AW: Lower vacancy rates and higher rents for houses compared to units generally across the board.

KN: Perennial question then – advice for those trying to get into the property market this year?

AW: Maximise your buying potential. Be prepared to compromise. Be prepared to be disappointed. Consider buying first and then selling. As always, consult a financial advisor.

KN: How important is data use in property and how can a novice best apply such sets in regards to a purchase?

AW: Reliable, real-time data provides the foundation for property decision making – enhanced by objective, rational commentary that joins the dots.

KN: What do you see as the most important data consideration(s) when assessing movement in a specific market?

AW: Local supply and demand factors, matched with the overarching macroeconomic drivers and real-time market activity measures of prices and volumes.

My Housing Market’s founder Dr Andrew Wilson.

KN: Clearance rates across the country, specifically Sydney, have recently hit record highs — how do you analyse such numbers, given this is unprecedented?

AW: The Sydney market is responding to high levels of affordability with prices – despite recent strong growth – still at the levels of four years ago. Over that period mortgage rates have fallen by over 1% and incomes have increased by over 6%, giving buyers the capacity to pay more for property. With credit restrictions and coronavirus impediments now eased – the market has clear air to catch up.

KN: Your take on why we’re a property engaged culture?

AW: High aspiration for home ownership and investment underpinned by a strong financial sector and enhanced taxation benefits.

KN: To those that might not know you – you formerly worked as a chief economist for the Domain group, Australian Property Monitors before launching My Housing Market.

AW: Well, my background is in the science and philosophy of housing market economics — I was an academic researcher and lecturer at RMIT University before I worked my way to chief economist at Domain Group and, now, running my own offering and analytics through My Housing Market.

KN: What was the impetus to launch My Housing Market – and how does the platform differentiate itself from what else is out there?

AW: My Housing Market combines high-level, comprehensive, real-time data insights into property markets with detailed, credible and reliable expert commentary. The ‘what’ and the ‘why’.

KN: What is it about property that you’re drawn to?

AW: I have to live somewhere.

KN: Well played …

Kanebridge News uses real-time data supplied by My Housing Market.

A Mid-Century Modern home in Carmel, California, hit the market on Friday for just the third time in 70 years with a listing price of $4.25 million.

Located in the community of Carmel Highlands, the house is just steps from the coastline and comes with private beach access, according to the listing with Tim Allen of Coldwell Banker Realty in Northern California. Allen was not immediately available for comment.

The property last changed hands in 2010 when Hollywood screenwriter Richard Outten bought it for $990,000, public records show. Outten penned the screenplays for the 1992 movie “Pet Sematary Two” and the 1987 film “Lionheart,” and created the story for the 2012 “Journey to the Center of the Earth” sequel, “Journey 2: The Mysterious Island.” He was not immediately available for comment.

Built in 1953, the home’s mid-century charm has been preserved over the years while still being updated for modern living. Interior details include wood paneling, exposed-brick walls and beamed ceilings.

The single-level house has 1,785 square feet, which includes three bedrooms and two full bathrooms. Though not directly on the water, large windows flanking the adobe-brick, wood-burning fireplace look out at the ocean.

Sliding glass doors create a seamless flow between indoor and outdoor living. Outside, there’s a large patio surrounded by lush landscaping, and there are also meandering paths through sustainable succulent gardens, according to the listing.

In addition to its close proximity to the beach, the home is a 10-minute walk from downtown Carmel-by-the-Sea.

As of July, the median list price in Carmel is $3.1 million, up 8% from last year, even as active listings have increased 50% year over year, according to data from Realtor.com.

“Don’t Fear A Crash”: Dr Andrew Wilson

A rapid fire tete-a-tete with the leading Australian economist and founder of My Housing Market.

Owned by Richard Outten, who’s penned screenplays for films including “Pet Sematary Two” and “Lionheart,” this is only the third time the home has been on the market