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Speaker 1: So let's talk about property. Interest rates are softening and

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Speaker 1: the property market though, is still in limbo. Excuse me.

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Speaker 1: So we've got Centrics data which was out today. It

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Speaker 1: shows new mortgage lending is up twenty five percent year

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Speaker 1: one year, listing's up nine percent, and yet prices remain flat.

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Speaker 1: So is now really the time to buy? I'm joined

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Speaker 1: by Jeremy andrews Now. Jeremy's a mortgage broker at Key Mortgages,

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Speaker 1: and I thank you for joining us. Good morning to you, Jeremy,

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Speaker 1: Good morning Andrew. You're noticing the uptic and new mortgages.

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Speaker 2: It's kind of up and down a bit at the moment. Suddenly,

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Speaker 2: the last couple of months were very big months gener

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Speaker 2: around times worth banks were really blowing out, but it

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Speaker 2: has dropped off just a little bit now. So it's

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Speaker 2: kind of how it comes in waves.

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Speaker 1: With the mortgage lending up twenty five percent, If people

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Speaker 1: are borrowing and yet not buying, then what are they

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Speaker 1: spending the borrow money on.

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Speaker 2: It's probably just around when they're buying. I think we

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Speaker 2: certainly got We've got a lot of people at the

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Speaker 2: moment just getting pre approved. Interest rates have dropped a lot,

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Speaker 2: especially with the latest OCR drop the committee. One of

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Speaker 2: the big changes compared to the previous OCR review is

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Speaker 2: two out of six in the Reserve Bank Committee voted

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Speaker 2: for a fifty drop, a fifty point drop rather than

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Speaker 2: twenty five. So following that, interest rates have dropped a

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Speaker 2: lot more.

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Speaker 1: Yeah, so you reckon that the market is actually factoring

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Speaker 1: in the fact that there may be even more interest

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Speaker 1: rate drops and so they might hold off a little

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Speaker 1: bit longer.

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Speaker 2: Yeah, there are a lot of people just kind of

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Speaker 2: getting approved and just holding off. I saw just lately

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Speaker 2: a lot more activity. I saw we had one client

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Speaker 2: going to auction and there were nine people registered to

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Speaker 2: bid at that auction, which is the first time I've

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Speaker 2: seen that in a long time. So I think people

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Speaker 2: are still being it's still a buyer's market, and people

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Speaker 2: are still being a bit kind of cautious just around

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Speaker 2: how much they spend. I don't think FOMO is really

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Speaker 2: really fully kept true. It is a little bit now.

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Speaker 1: So the house prices they're still slowly dropping, but we've

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Speaker 1: got buyers and they're cashed up, they've got their mortgages,

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Speaker 1: they're ready to go. So how long before we see

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Speaker 1: house prices turning The corner and going the other way.

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Speaker 2: I think we probably I think we have turned that corner,

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Speaker 2: or we must be very closer if we haven't. It

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Speaker 2: depends on the region as well. I know some regions

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Speaker 2: haven't really really been coming down. This still going ahead.

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Speaker 2: A couple of couple of the big metros are still

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Speaker 2: struggling in terms of when we turn that corner. I

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Speaker 2: think we'll probably see. Yeah, that'll be quite a hot

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Speaker 2: summer ahead.

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Speaker 1: Jerry Andrews from Key Mortgages, I thank you so much

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Speaker 1: for your time.

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