1 00:00:05,820 --> 00:00:08,039 Sean Aylmer: Welcome to the Fear and Greed Business Interview. I'm Sean 2 00:00:08,039 --> 00:00:10,619 Sean Aylmer: Aylmer. We talk a lot on this podcast about what 3 00:00:10,619 --> 00:00:13,379 Sean Aylmer: house prices have done. It's a little more challenging to 4 00:00:13,380 --> 00:00:16,020 Sean Aylmer: predict what they're going to do, but the team at 5 00:00:16,020 --> 00:00:18,780 Sean Aylmer: Domain have done just that using their data modeling to 6 00:00:18,810 --> 00:00:22,170 Sean Aylmer: forecast what will happen to capital city and regional house 7 00:00:22,230 --> 00:00:25,319 Sean Aylmer: and unit prices in the next 12 months. Dr. Nicola 8 00:00:25,320 --> 00:00:29,070 Sean Aylmer: Powell is Domain's Chief of Research and Economics. Nicola, welcome 9 00:00:29,070 --> 00:00:29,999 Sean Aylmer: back to Fear and Greed. 10 00:00:30,570 --> 00:00:31,710 Dr. Nicola Powell: Thanks for having me on again. 11 00:00:32,219 --> 00:00:35,039 Sean Aylmer: It's mostly a story of growth, isn't it? Where are 12 00:00:35,039 --> 00:00:38,639 Sean Aylmer: we going to see new records set, based on your forecasts? 13 00:00:39,180 --> 00:00:44,190 Dr. Nicola Powell: So we are anticipating growth, largely across Australia. We're expecting 14 00:00:44,190 --> 00:00:47,159 Dr. Nicola Powell: stronger growth coming out of our capital cities compared to 15 00:00:47,159 --> 00:00:51,570 Dr. Nicola Powell: our regional markets, and we're seeing stronger conditions or expecting stronger 16 00:00:51,570 --> 00:00:55,350 Dr. Nicola Powell: conditions in certain cities. We're expecting house prices to lead 17 00:00:55,350 --> 00:00:57,840 Dr. Nicola Powell: growth, and that's going to be led by Perth, Adelaide, 18 00:00:57,840 --> 00:01:01,290 Dr. Nicola Powell: Sydney and Brisbane. Perth really is that kind of winning 19 00:01:01,290 --> 00:01:05,309 Dr. Nicola Powell: story. We're expecting between 8 and 10% increase in house 20 00:01:05,309 --> 00:01:09,120 Dr. Nicola Powell: price between now and the end of next financial year. 21 00:01:09,420 --> 00:01:11,819 Dr. Nicola Powell: But it does mean more records. It does mean many 22 00:01:11,819 --> 00:01:13,798 Dr. Nicola Powell: of our cities are going to see another new record 23 00:01:13,800 --> 00:01:17,400 Dr. Nicola Powell: highs. That is with the caveat apart from Melbourne and 24 00:01:17,400 --> 00:01:20,700 Dr. Nicola Powell: Canberra. And Melbourne is probably that one city that I 25 00:01:20,700 --> 00:01:23,970 Dr. Nicola Powell: would pick out as the one that's still seeing really 26 00:01:24,179 --> 00:01:28,229 Dr. Nicola Powell: sluggish conditions. Really hasn't seen any movement in price, and 27 00:01:28,230 --> 00:01:31,500 Dr. Nicola Powell: it's pretty much been like that for the past 18 months. 28 00:01:32,220 --> 00:01:35,340 Sean Aylmer: Okay, so what you've just said then, those cities that 29 00:01:35,340 --> 00:01:39,030 Sean Aylmer: do well, Brisbane, Perth, Adelaide, Sydney, that's a bit of 30 00:01:39,030 --> 00:01:41,129 Sean Aylmer: a continuation of the last 12 months. 31 00:01:41,340 --> 00:01:44,549 Dr. Nicola Powell: It certainly is, but what we are expecting is the 32 00:01:44,549 --> 00:01:47,369 Dr. Nicola Powell: pace of price growth is going to be lower compared 33 00:01:47,369 --> 00:01:50,070 Dr. Nicola Powell: to what we had been previously seeing. So when you 34 00:01:50,070 --> 00:01:53,040 Dr. Nicola Powell: compare it back to what's happened this financial year and 35 00:01:53,040 --> 00:01:56,760 Dr. Nicola Powell: even to the calendar year of 2023, we're expecting prices 36 00:01:56,760 --> 00:01:59,670 Dr. Nicola Powell: to rise but just not as fast as they were. 37 00:01:59,670 --> 00:02:03,870 Dr. Nicola Powell: And I think it's really the product of affordability starting 38 00:02:03,870 --> 00:02:06,810 Dr. Nicola Powell: to bite. I think the outlook might change if we 39 00:02:06,810 --> 00:02:10,680 Dr. Nicola Powell: see a handful of rate cuts. I think once we 40 00:02:10,680 --> 00:02:12,990 Dr. Nicola Powell: start to see rates being cut, which we are not 41 00:02:12,990 --> 00:02:17,429 Dr. Nicola Powell: picking really until mid next financial year, once we see 42 00:02:17,429 --> 00:02:20,880 Dr. Nicola Powell: rate cuts, not that that's going to directly fuel price 43 00:02:20,880 --> 00:02:23,639 Dr. Nicola Powell: growth, but what it will do is help to improve 44 00:02:23,639 --> 00:02:26,880 Dr. Nicola Powell: consumer sentiment. And when you start to see better consumer 45 00:02:26,880 --> 00:02:31,200 Dr. Nicola Powell: sentiment, it's going to be amplified through our housing market, through 46 00:02:31,200 --> 00:02:35,820 Dr. Nicola Powell: housing turnover. We'll see greater confidence, we'll see greater demand, 47 00:02:35,820 --> 00:02:39,330 Dr. Nicola Powell: and therefore, higher levels of turnover, which could spark a 48 00:02:39,330 --> 00:02:42,239 Dr. Nicola Powell: little bit of further momentum in terms of price growth. 49 00:02:42,239 --> 00:02:45,870 Sean Aylmer: They're the city's doing well. What is it about Melbourne 50 00:02:46,169 --> 00:02:47,700 Sean Aylmer: that it just doesn't have the price growth? 51 00:02:48,180 --> 00:02:50,370 Dr. Nicola Powell: And Melbourne really has been that one to buck the 52 00:02:50,370 --> 00:02:53,429 Dr. Nicola Powell: trend. And I think with Melbourne it's highly unusual. You 53 00:02:53,429 --> 00:02:56,100 Dr. Nicola Powell: tend to find that Sydney and Melbourne price cycles do 54 00:02:56,460 --> 00:02:59,849 Dr. Nicola Powell: follow one another quite closely, and that's absolutely not been 55 00:02:59,850 --> 00:03:03,328 Dr. Nicola Powell: the case. We've pretty much seen Melbourne house prices stagnate 56 00:03:03,330 --> 00:03:06,000 Dr. Nicola Powell: for the past 18 months. We've pretty much seen them 57 00:03:06,000 --> 00:03:09,540 Dr. Nicola Powell: do nothing, and we are forecasting a pretty similar outcome 58 00:03:09,540 --> 00:03:12,660 Dr. Nicola Powell: for the next 12 months also. But what I think's 59 00:03:12,660 --> 00:03:16,529 Dr. Nicola Powell: really interesting for Melbourne is it is going to get 60 00:03:16,529 --> 00:03:19,440 Dr. Nicola Powell: to the point where it's perceived as being undervalued. It's 61 00:03:19,440 --> 00:03:22,530 Dr. Nicola Powell: built that perception of value is building all the time. 62 00:03:22,530 --> 00:03:25,019 Dr. Nicola Powell: It's building now. And it will get to the point 63 00:03:25,410 --> 00:03:29,820 Dr. Nicola Powell: that the foundations are almost being set, to see once 64 00:03:29,820 --> 00:03:32,488 Dr. Nicola Powell: we get to the next property cycle, it is likely 65 00:03:32,490 --> 00:03:35,760 Dr. Nicola Powell: that Melbourne will overperform compared to our other capital cities. 66 00:03:36,119 --> 00:03:39,120 Dr. Nicola Powell: Because it's highly, highly unusual, because once we get to 67 00:03:39,120 --> 00:03:41,520 Dr. Nicola Powell: the end of next financial year, that's going to be 68 00:03:42,000 --> 00:03:45,539 Dr. Nicola Powell: two and a bit years where we've really seen that market underperform compared 69 00:03:45,540 --> 00:03:49,380 Dr. Nicola Powell: to others. The biggest reasons have been supply has been 70 00:03:49,380 --> 00:03:54,059 Dr. Nicola Powell: better. Overall supply is 20% higher year- on-year. It's 18% 71 00:03:54,059 --> 00:03:57,900 Dr. Nicola Powell: higher compared to the five- year average. It's also, I 72 00:03:57,900 --> 00:04:04,500 Dr. Nicola Powell: think, being impacted still by population dynamics. Population dynamics are 73 00:04:04,500 --> 00:04:07,500 Dr. Nicola Powell: still not back to what would normally be seen across 74 00:04:07,500 --> 00:04:11,309 Dr. Nicola Powell: Victoria, and that's really strong levels of interstate migration. It's 75 00:04:11,309 --> 00:04:13,860 Dr. Nicola Powell: still got a bit of that pandemic overhang in terms 76 00:04:13,860 --> 00:04:17,820 Dr. Nicola Powell: of that population not recovering. And then of course, we 77 00:04:17,820 --> 00:04:21,238 Dr. Nicola Powell: can't not mention the taxation changes. And I think the 78 00:04:21,240 --> 00:04:24,599 Dr. Nicola Powell: taxation changes around land tax has really created a bit 79 00:04:24,599 --> 00:04:28,440 Dr. Nicola Powell: of a negative sentiment, particularly amongst investors. And all of 80 00:04:28,440 --> 00:04:32,069 Dr. Nicola Powell: these things together have really created those more mild conditions 81 00:04:32,069 --> 00:04:32,850 Dr. Nicola Powell: coming out of Melbourne. 82 00:04:33,420 --> 00:04:35,190 Sean Aylmer: Stay with me, Nicola. We'll be back in a minute. 83 00:04:42,300 --> 00:04:45,000 Sean Aylmer: My guest this morning is Dr. Nicola Powell, Chief of 84 00:04:45,000 --> 00:04:49,230 Sean Aylmer: Research and Economics at Domain. Okay. So the numbers you're 85 00:04:49,230 --> 00:04:52,320 Sean Aylmer: talking about, particularly for those four cities, Perth, Brisbane, Adelaide 86 00:04:52,320 --> 00:04:54,750 Sean Aylmer: and Sydney, they're quite high. I mean, is there a 87 00:04:54,750 --> 00:04:56,730 Sean Aylmer: ceiling to house prices? 88 00:04:57,660 --> 00:05:00,119 Dr. Nicola Powell: Look, they are quite wild, aren't they? When you have a look at 89 00:05:00,630 --> 00:05:02,489 Dr. Nicola Powell: where these prices are going to be by the end 90 00:05:02,490 --> 00:05:07,080 Dr. Nicola Powell: of next financial year. We've got more cities reaching that 91 00:05:07,080 --> 00:05:08,940 Dr. Nicola Powell: million dollar mark, and even if we push it that 92 00:05:08,970 --> 00:05:11,339 Dr. Nicola Powell: little bit further, so let's talk about to the end 93 00:05:11,339 --> 00:05:14,669 Dr. Nicola Powell: of 2025, at the end of 2025, we are picking 94 00:05:14,670 --> 00:05:17,010 Dr. Nicola Powell: that five of our cities is going to have a median house price 95 00:05:17,010 --> 00:05:21,238 Dr. Nicola Powell: of $1 million. So that's obviously Sydney, Melbourne, Canberra, which are 96 00:05:21,240 --> 00:05:25,140 Dr. Nicola Powell: already at million dollar housing markets. Brisbane's going to join 97 00:05:25,140 --> 00:05:28,620 Dr. Nicola Powell: it and is likely to be very close, just $ 1000 98 00:05:28,620 --> 00:05:31,830 Dr. Nicola Powell: separating its median house price to a median of $ 1 99 00:05:31,830 --> 00:05:34,950 Dr. Nicola Powell: million by the end of the financial year. But once 100 00:05:34,950 --> 00:05:36,839 Dr. Nicola Powell: we get to the end of the calendar year, that's 101 00:05:36,839 --> 00:05:39,870 Dr. Nicola Powell: when cities like Adelaide are likely to join that $1 million 102 00:05:40,109 --> 00:05:44,940 Dr. Nicola Powell: median. So absolutely there is a ceiling, and I think 103 00:05:44,940 --> 00:05:47,849 Dr. Nicola Powell: what you're seeing is a greater divide between those that 104 00:05:47,850 --> 00:05:50,039 Dr. Nicola Powell: own a home and those that don't, and those that 105 00:05:50,040 --> 00:05:53,520 Dr. Nicola Powell: have the family members that are able to financially support 106 00:05:53,520 --> 00:05:56,339 Dr. Nicola Powell: them to purchase a home and those that don't. And 107 00:05:56,339 --> 00:05:59,670 Dr. Nicola Powell: I think it also shines a light on our need 108 00:05:59,670 --> 00:06:04,020 Dr. Nicola Powell: to densify our cities and also to have a diverse 109 00:06:04,020 --> 00:06:06,330 Dr. Nicola Powell: array of homes as well. And this is where units 110 00:06:06,330 --> 00:06:09,089 Dr. Nicola Powell: come in. Units are much more affordable. We need to make 111 00:06:09,089 --> 00:06:11,490 Dr. Nicola Powell: sure that there are those stepping stones on the property 112 00:06:11,490 --> 00:06:14,369 Dr. Nicola Powell: ladder to help people on their home ownership journey. 113 00:06:14,700 --> 00:06:16,709 Sean Aylmer: So I want to come back to the idea of 114 00:06:16,709 --> 00:06:20,220 Sean Aylmer: densification in a moment, but why are we seeing this 115 00:06:20,220 --> 00:06:22,469 Sean Aylmer: price rise? I mean, we have discussed this before, but 116 00:06:22,470 --> 00:06:25,200 Sean Aylmer: just give us a reminder why right now we're getting 117 00:06:25,529 --> 00:06:30,000 Sean Aylmer: this somewhere between 7, 8, 9% price rises in these cities. 118 00:06:30,930 --> 00:06:32,969 Dr. Nicola Powell: And look, there are many reasons, but I think for 119 00:06:32,969 --> 00:06:36,330 Dr. Nicola Powell: me, when I look at that forecast, it really showcases 120 00:06:36,330 --> 00:06:39,000 Dr. Nicola Powell: that the under supply of housing that we have across 121 00:06:39,000 --> 00:06:44,520 Dr. Nicola Powell: Australia is still placing pressure on pricing. Ultimately, we've seen 122 00:06:44,520 --> 00:06:48,330 Dr. Nicola Powell: population growth, construction challenges, so these are some of the 123 00:06:48,330 --> 00:06:52,589 Dr. Nicola Powell: big reasons behind price grows. Ultimately, we've seen home building 124 00:06:52,589 --> 00:06:54,630 Dr. Nicola Powell: just hasn't been able to keep up with the level 125 00:06:54,630 --> 00:06:57,868 Dr. Nicola Powell: of population growth that we have seen. Population growth and 126 00:06:57,870 --> 00:07:01,740 Dr. Nicola Powell: demographic shifts have really shaped changes in our housing markets, 127 00:07:01,740 --> 00:07:05,969 Dr. Nicola Powell: not only from strong levels of movement between states and 128 00:07:05,969 --> 00:07:09,990 Dr. Nicola Powell: territories, but also overseas migration, but also things like fewer 129 00:07:09,990 --> 00:07:13,890 Dr. Nicola Powell: people per household, an increase in single households as well. 130 00:07:14,100 --> 00:07:19,710 Dr. Nicola Powell: This places greater needs from our housing markets, and then 131 00:07:19,710 --> 00:07:22,590 Dr. Nicola Powell: throw in as well, we've got a very tight rental 132 00:07:22,590 --> 00:07:25,500 Dr. Nicola Powell: market too, particularly when you look towards those cities where 133 00:07:25,500 --> 00:07:29,279 Dr. Nicola Powell: we're expecting much stronger rates of growth like Perth, like 134 00:07:29,279 --> 00:07:34,260 Dr. Nicola Powell: Adelaide, which have our tightest rental markets in Australia. I 135 00:07:34,260 --> 00:07:37,590 Dr. Nicola Powell: think that is placing pressure. It's fast tracking people's decisions 136 00:07:37,590 --> 00:07:40,739 Dr. Nicola Powell: to buy, obviously, if they can. So it is a 137 00:07:40,740 --> 00:07:43,110 Dr. Nicola Powell: bit of a melting pot of many things that have 138 00:07:43,110 --> 00:07:46,529 Dr. Nicola Powell: happened, but I think for me, it really shines the 139 00:07:46,529 --> 00:07:49,409 Dr. Nicola Powell: light on the supply that we have in housing. 140 00:07:53,880 --> 00:07:56,730 Sean Aylmer: So I think we're coming to densification, whatever that word 141 00:07:56,730 --> 00:08:01,320 Sean Aylmer: means Nicola. What you are talking about then, the under supply, a 142 00:08:01,320 --> 00:08:04,229 Sean Aylmer: way to fix that is for more people to live 143 00:08:04,650 --> 00:08:09,840 Sean Aylmer: in ... So increased number of people per home, but presumably 144 00:08:09,840 --> 00:08:12,900 Sean Aylmer: it's also a cheaper way to build homes is to 145 00:08:12,900 --> 00:08:16,380 Sean Aylmer: build units. So we start living more in ... I mean, 146 00:08:16,860 --> 00:08:20,759 Sean Aylmer: the quarter- acre block and white picket fence, we don't 147 00:08:20,759 --> 00:08:23,099 Sean Aylmer: think so much about that. We think much more about 148 00:08:23,100 --> 00:08:25,260 Sean Aylmer: living in units. Is that how you expect it to go? 149 00:08:26,490 --> 00:08:30,420 Dr. Nicola Powell: I think it's a mix. So densification doesn't necessarily mean just units 150 00:08:30,420 --> 00:08:33,960 Dr. Nicola Powell: and apartments. It comes in the form of duplexes, townhouses, 151 00:08:33,960 --> 00:08:38,940 Dr. Nicola Powell: terraced homes, townhomes. There's various types of that missing middle, 152 00:08:39,150 --> 00:08:42,208 Dr. Nicola Powell: so it's medium density too. And I think that it 153 00:08:42,208 --> 00:08:45,240 Dr. Nicola Powell: is, as you rightly say, it's cheaper to purchase, cheaper 154 00:08:45,240 --> 00:08:48,718 Dr. Nicola Powell: to build, but it's also cheaper to urban infill than 155 00:08:48,720 --> 00:08:54,360 Dr. Nicola Powell: it's to continue to build infrastructure, build schools, build doctors, 156 00:08:54,360 --> 00:08:56,250 Dr. Nicola Powell: and all the facilities that are needed in a new 157 00:08:56,250 --> 00:09:01,800 Dr. Nicola Powell: community. It is cheaper to infill within our cities around 158 00:09:01,800 --> 00:09:06,270 Dr. Nicola Powell: those infrastructure hubs, those transport nodes. That is where I 159 00:09:06,270 --> 00:09:08,098 Dr. Nicola Powell: think we need to see that focus, and we are seeing 160 00:09:08,099 --> 00:09:12,269 Dr. Nicola Powell: that focus particularly in New South Wales, around the upsizing 161 00:09:12,270 --> 00:09:17,338 Dr. Nicola Powell: of areas around certain infrastructure hubs. We have to remember 162 00:09:17,340 --> 00:09:19,199 Dr. Nicola Powell: that we do live in some of the least dense 163 00:09:19,200 --> 00:09:21,420 Dr. Nicola Powell: cities in the world, and there was a study out 164 00:09:21,420 --> 00:09:24,660 Dr. Nicola Powell: only last week where it was picked that Sydney was 165 00:09:24,660 --> 00:09:30,000 Dr. Nicola Powell: the second most unaffordable city in the world, but the number one was 166 00:09:30,000 --> 00:09:32,700 Dr. Nicola Powell: Hong Kong. And Hong Kong we know has full of 167 00:09:32,700 --> 00:09:36,598 Dr. Nicola Powell: apartments, is very small. But what you get in Australia is 168 00:09:36,600 --> 00:09:39,840 Dr. Nicola Powell: actually much more for your money. You're getting a larger 169 00:09:40,050 --> 00:09:43,380 Dr. Nicola Powell: home, a larger plot of land. And I do think 170 00:09:43,380 --> 00:09:45,599 Dr. Nicola Powell: that what we are seeing is a bit of a reshaping 171 00:09:45,599 --> 00:09:48,659 Dr. Nicola Powell: of what that Australian dream is. We do need to 172 00:09:48,660 --> 00:09:53,429 Dr. Nicola Powell: think about using the land that we have efficiently and 173 00:09:53,429 --> 00:09:58,140 Dr. Nicola Powell: effectively, ensuring that we are using the current housing stock 174 00:09:58,140 --> 00:10:02,549 Dr. Nicola Powell: that we have efficiently and effectively to make sure that 175 00:10:02,550 --> 00:10:05,460 Dr. Nicola Powell: we are ... Land is finite, make sure that we're providing 176 00:10:05,460 --> 00:10:08,070 Dr. Nicola Powell: enough homes in the right locations where people want to live. 177 00:10:09,120 --> 00:10:11,760 Sean Aylmer: Okay. This brings the idea of the regions into the 178 00:10:11,760 --> 00:10:15,480 Sean Aylmer: discussion. People in Australia have always, well not always, but 179 00:10:15,600 --> 00:10:18,718 Sean Aylmer: primarily we're East Coast residents with a little bit in 180 00:10:18,720 --> 00:10:22,590 Sean Aylmer: the West. We tend to live in big cities. What 181 00:10:22,590 --> 00:10:25,919 Sean Aylmer: about regional cities? I mean their price rises, you are 182 00:10:25,920 --> 00:10:28,650 Sean Aylmer: not predicting them to be as much as the capital 183 00:10:28,650 --> 00:10:30,809 Sean Aylmer: cities, but do you think there is a world where 184 00:10:30,809 --> 00:10:33,900 Sean Aylmer: we do actually diversify a lot more, such as the 185 00:10:33,900 --> 00:10:36,240 Sean Aylmer: US for example, or many other countries really? 186 00:10:37,530 --> 00:10:41,400 Dr. Nicola Powell: I think it was a really interesting test case during the pandemic 187 00:10:41,400 --> 00:10:44,910 Dr. Nicola Powell: and the ability to, in a hybrid way of working. 188 00:10:44,910 --> 00:10:48,210 Dr. Nicola Powell: That really was decentralization from the bottom up because we 189 00:10:48,300 --> 00:10:51,120 Dr. Nicola Powell: suddenly proved, yes, we can work from home. We can 190 00:10:51,179 --> 00:10:53,218 Dr. Nicola Powell: work from home full- time, we can work from home 191 00:10:53,220 --> 00:10:56,910 Dr. Nicola Powell: in a part- time capacity, obviously, depending on the type 192 00:10:56,910 --> 00:10:59,730 Dr. Nicola Powell: of work that you do. I do think that that 193 00:10:59,730 --> 00:11:02,610 Dr. Nicola Powell: really changed where people could have reside. It opened up 194 00:11:02,610 --> 00:11:06,149 Dr. Nicola Powell: affordability. There's an element though, of return to work that 195 00:11:06,150 --> 00:11:08,400 Dr. Nicola Powell: does change where you can live in terms of that 196 00:11:08,910 --> 00:11:11,820 Dr. Nicola Powell: commutable distance, and this is where it does capture the regions 197 00:11:11,820 --> 00:11:14,880 Dr. Nicola Powell: too. I think what we've seen in terms of being 198 00:11:14,880 --> 00:11:18,389 Dr. Nicola Powell: able to work remotely, it's probably opened up that commutable 199 00:11:18,389 --> 00:11:21,419 Dr. Nicola Powell: belt at that little bit further away from our capital 200 00:11:21,420 --> 00:11:24,629 Dr. Nicola Powell: cities. In our regions, as you say, we're only expecting 201 00:11:24,629 --> 00:11:27,990 Dr. Nicola Powell: minor rates. Pretty much flatline growth in our regional markets 202 00:11:27,990 --> 00:11:31,470 Dr. Nicola Powell: and even regional Victoria is still expected to be below 203 00:11:31,470 --> 00:11:35,160 Dr. Nicola Powell: previous record highs. It's still not fully recovered. But what 204 00:11:35,160 --> 00:11:39,089 Dr. Nicola Powell: I think we'll see is a diversity in townships across 205 00:11:39,089 --> 00:11:43,199 Dr. Nicola Powell: regional markets. We are likely to see those that either 206 00:11:43,199 --> 00:11:47,909 Dr. Nicola Powell: have a bigger employment base or are within closer proximity 207 00:11:47,909 --> 00:11:51,630 Dr. Nicola Powell: to a bigger capital city, are likely to see stronger rates of price 208 00:11:51,630 --> 00:11:52,650 Dr. Nicola Powell: growth than elsewhere. 209 00:11:53,280 --> 00:11:55,049 Sean Aylmer: Nicola, thank you for talking to Fear and Greed. 210 00:11:55,590 --> 00:11:56,160 Dr. Nicola Powell: Thank you. 211 00:11:56,490 --> 00:12:00,239 Sean Aylmer: That is Dr. Nicola Powell, Domain's Chief of Research and Economics. 212 00:12:00,240 --> 00:12:02,309 Sean Aylmer: This is the Fear and Greed Daily Interview. Join us 213 00:12:02,309 --> 00:12:04,530 Sean Aylmer: every morning for the full episode of Fear and Greed, 214 00:12:04,770 --> 00:12:07,290 Sean Aylmer: daily business news for people who make their own decisions, 215 00:12:07,320 --> 00:12:09,090 Sean Aylmer: I'm Sean Aylmer. Enjoy your day.