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Speaker 1: Got some good news I think around housing. You report

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Speaker 1: this morning shows it's nearly a quarter twenty five percent

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Speaker 1: of all purchases were first home buyers. Interestingly, the average

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Speaker 1: age for these first time buyers is up. It's now

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Speaker 1: thirty six.

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Speaker 2: Now.

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Speaker 1: Kelvin Davidson is Cautality Chief Property Economists and is back

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Speaker 1: with this is Calvin morning to you.

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Speaker 2: Good morning.

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Speaker 1: Twenty five issues a pretty steady sort of number, I think,

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Speaker 1: isn't it.

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Speaker 2: Yeah, that's yeah. I mean the average historically is about

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Speaker 2: twenty one twenty two, so yeah, twenty five pretty solid.

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Speaker 2: They have been up as high as twenty seven, but yeah,

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Speaker 2: still doing pretty well at twenty five. So decent market

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Speaker 2: for first home buyers.

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Speaker 1: Exactly what's the investor mix at the moment in terms

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Speaker 1: of competition for a first home buyer? Are they back

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Speaker 1: or not?

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Speaker 2: Yeah, investors are definitely coming back. They've risen for about

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Speaker 2: twenty percent up to twenty three twenty four, so I

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Speaker 2: don't know. I think it's pretty balanced at the moment.

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Speaker 2: I mean, there's opportunities for first home buyers, but investors

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Speaker 2: are coming back in just rights down and interesteductibility back

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Speaker 2: to one hundred percent. Yeah, I think there's a bit

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Speaker 2: for everyone.

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Speaker 1: Access to money. I'm reading it increasingly. You can get

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Speaker 1: you know, low deposits, there are deals to be done,

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Speaker 1: et cetera. Is all of that true.

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Speaker 2: Yeah, I think that's right as well. I mean there's

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Speaker 2: a sense of galance across lots of parts of the

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Speaker 2: hours in market. Certainly money is available. Yes, you've got

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Speaker 2: to get as fire serviceability testing and obviously have the

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Speaker 2: deposit that sort of thing. Deposits are you can get

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Speaker 2: in with low deposit, as you say, so your money's available.

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Speaker 2: People can get in as they meet the criteria.

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Speaker 1: And there's talk also I'm reading of delays on processing

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Speaker 1: with various banks. Does that mean the demand is up

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Speaker 1: and there falls a Q forming.

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Speaker 2: Yeah, I think that's That's one of the issues that

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Speaker 2: I hear quite a bit, and partly it's just sort

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Speaker 2: of a legacy thing everyone wins on. Think back to

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Speaker 2: the end last year. The Reserve Bank made a big

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Speaker 2: ot our decision in November. Around about that time, everyone

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Speaker 2: stayed floating and then after the decision decided to fix

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Speaker 2: the six months you know, fixing short as they could.

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Speaker 2: Now that's six months roll forward. We're pretty much there now.

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Speaker 2: So there's this big wave of repricing the banks having

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Speaker 2: to deal with right now, so resources are spread just

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Speaker 2: a little bit thin.

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Speaker 1: Now this first time by a rage. I was saying

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Speaker 1: earlier on if you'd asked me to guess, I would

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Speaker 1: have said twenty nine to thirty one, hand on heart.

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Speaker 1: What would you have said if you didn't have knowledge

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Speaker 1: of the data?

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Speaker 2: Well, yeah, good question, because I always do hard to say.

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Speaker 2: I mean, yeah, I would have said, perhaps on the

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Speaker 2: first half of the thirties that these figures come from

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Speaker 2: West Pax morgigely any records. So it's real data. It's

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Speaker 2: it's hard data, it's what people are actually doing. So yeah,

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Speaker 2: up to thirty six, it's part of a long term

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Speaker 2: upwards trend has got harder. But I think people are

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Speaker 2: making lifestyle choices to thee all that sort of thing. Exactly.

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Speaker 1: I'm glad you said that, because I just wonder how

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Speaker 1: much of it is Like everyone. You could look at

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Speaker 1: thirty six and go, see, can't afford it, or you

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Speaker 1: could look at thirty six and go, Yep, I've done

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Speaker 1: a whole bunch of other stuff because I decided that's

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Speaker 1: what I want to do with life.

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Speaker 2: Yeah, I think there's a mix of it at the moment.

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Speaker 2: If you look at affordability, so these numbers have gone

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Speaker 2: up from thirty four in twenty nineteen to thirty six now.

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Speaker 2: Now if you look at affordability measures right now compared

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Speaker 2: to twenty nineteen, actually not that much different exactly. I

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Speaker 2: mean they were very very very stretched to or three

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Speaker 2: years ago, but compared to six years ago, they're not

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Speaker 2: that much different. So I think this a way bit

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Speaker 2: of affordability, but also your lifestyle choices, you build your career,

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Speaker 2: you go on the OE, all that sort of stuff.

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Speaker 1: First, good insight, Calvin, enjoy your company, Kelvin Davidson, who's

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Speaker 1: the chief property economisty at Totality These days.

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