1 00:00:00,280 --> 00:00:02,960 Speaker 1: Now on some other news this morning, we know that 2 00:00:03,000 --> 00:00:06,120 Speaker 1: from today is sweeping change to the federal housing policy 3 00:00:06,200 --> 00:00:10,039 Speaker 1: kicks in making home ownership more accessible to first home buyers, 4 00:00:10,320 --> 00:00:14,720 Speaker 1: but raising some concerns about market pressure. Now, the government's 5 00:00:14,760 --> 00:00:18,680 Speaker 1: expanded five percent Home Buyer Guarantee scheme means ozsies are 6 00:00:18,720 --> 00:00:21,360 Speaker 1: able to enter the property market with just a five 7 00:00:21,400 --> 00:00:25,160 Speaker 1: percent deposit, with the rest guaranteed by the federal government. 8 00:00:25,560 --> 00:00:27,920 Speaker 1: There are no caps on the number of people able 9 00:00:28,000 --> 00:00:31,680 Speaker 1: to access the scheme or the income limits, and property 10 00:00:31,720 --> 00:00:35,280 Speaker 1: price ceilings are meant to align with local average house 11 00:00:35,360 --> 00:00:39,320 Speaker 1: prices to broaden access. Now, some though, are concerned that 12 00:00:39,360 --> 00:00:42,400 Speaker 1: the price gaps here in Darwin don't necessarily align with 13 00:00:42,479 --> 00:00:45,960 Speaker 1: the most up to date property prices. Now joining us 14 00:00:45,960 --> 00:00:47,519 Speaker 1: on the line to give us a bit of an 15 00:00:47,560 --> 00:00:51,840 Speaker 1: industry perspective is Jeanine Ashmore from Bliss Home Loans. Good 16 00:00:51,840 --> 00:00:53,559 Speaker 1: morning to you, Jeanine. 17 00:00:53,479 --> 00:00:54,800 Speaker 2: Good morning Katie. How are you? 18 00:00:54,880 --> 00:00:57,880 Speaker 1: You're really good? Lovely to have you on the show now, Jeanine, 19 00:00:57,920 --> 00:01:00,800 Speaker 1: what kind of interest stor inquiries have you seen here 20 00:01:00,880 --> 00:01:02,040 Speaker 1: in Darwin so far? 21 00:01:03,280 --> 00:01:06,880 Speaker 2: Yeah, Look, it's really ramped up because the income caps 22 00:01:06,920 --> 00:01:09,640 Speaker 2: you know, widens of course, so people are there's more 23 00:01:09,680 --> 00:01:13,160 Speaker 2: people thinking that they can get into the market sooner now, 24 00:01:13,200 --> 00:01:13,440 Speaker 2: I know. 25 00:01:13,520 --> 00:01:16,280 Speaker 1: A few weeks back we spoke to a local real 26 00:01:16,360 --> 00:01:19,319 Speaker 1: estate agent who did have some concerns about the price 27 00:01:19,360 --> 00:01:23,280 Speaker 1: caps not really aligning with the Darwin market. You know, 28 00:01:23,360 --> 00:01:26,200 Speaker 1: as somebody who's dealing, we'll try to help people with 29 00:01:26,240 --> 00:01:29,000 Speaker 1: their home loans every single day. Do you think they 30 00:01:29,040 --> 00:01:30,880 Speaker 1: align or do you think they need to change a 31 00:01:30,880 --> 00:01:32,800 Speaker 1: little bit for us here in Darwin and the Northern 32 00:01:32,880 --> 00:01:34,360 Speaker 1: Territory more broadly. 33 00:01:34,760 --> 00:01:37,960 Speaker 2: Oh, they absolutely don't align at all. I don't know 34 00:01:38,000 --> 00:01:39,880 Speaker 2: really where the federal government's getting a lot of their 35 00:01:39,959 --> 00:01:43,200 Speaker 2: data from. You know, we haven't had a change in 36 00:01:43,240 --> 00:01:48,280 Speaker 2: the price caps in the Northern Territory since twenty twenty three, 37 00:01:49,160 --> 00:01:52,440 Speaker 2: and like in the last quarter alone, prices went up 38 00:01:52,480 --> 00:01:56,320 Speaker 2: nearly six percent in the Darwin market. So it's just 39 00:01:56,360 --> 00:01:57,160 Speaker 2: not even matching. 40 00:01:57,520 --> 00:01:59,680 Speaker 1: So Janine talk us through, like, I guess, give us 41 00:01:59,680 --> 00:02:03,160 Speaker 1: some give us some tangible numbers, I suppose for our 42 00:02:03,200 --> 00:02:05,640 Speaker 1: listeners this morning, because if you're not out there looking 43 00:02:05,680 --> 00:02:07,960 Speaker 1: at the housing market, you might not have any idea. 44 00:02:08,360 --> 00:02:11,960 Speaker 1: You know how much your average house costs, and then 45 00:02:12,280 --> 00:02:14,680 Speaker 1: you know what the cap is from this new federal 46 00:02:14,680 --> 00:02:15,760 Speaker 1: government scheme. 47 00:02:16,639 --> 00:02:19,360 Speaker 2: Well, the caps remained unchanged. We're one of the few 48 00:02:19,840 --> 00:02:23,400 Speaker 2: few stateful territories that have had no change whatsoever. So 49 00:02:23,520 --> 00:02:26,680 Speaker 2: the cap in the Northern Territory is six hundred thousand. 50 00:02:27,600 --> 00:02:30,160 Speaker 2: I think our cap is slightly skewed because we have 51 00:02:30,320 --> 00:02:32,639 Speaker 2: such a high number of units. That's that's really a 52 00:02:32,720 --> 00:02:36,200 Speaker 2: saturation in our market. But if someone's wanting to find 53 00:02:36,720 --> 00:02:39,720 Speaker 2: or build a normal home, they're capped at six hundred 54 00:02:39,800 --> 00:02:42,320 Speaker 2: thousand to the scheme, which if you want to go 55 00:02:42,360 --> 00:02:44,600 Speaker 2: to any normal suburb at the moment and just buy 56 00:02:44,680 --> 00:02:46,960 Speaker 2: a stand at home, you're going to be struggling. No 57 00:02:47,000 --> 00:02:49,280 Speaker 2: matter where it is, darl and Palmerston is, You're going 58 00:02:49,320 --> 00:02:52,400 Speaker 2: to be struggling to find something in that range. 59 00:02:52,680 --> 00:02:55,040 Speaker 1: As I mentioned before, we did speak to Daniel Harris, 60 00:02:55,360 --> 00:02:57,760 Speaker 1: a local real estate agent about this. I reckon it 61 00:02:57,800 --> 00:03:00,280 Speaker 1: was probably a month ago, and he'd sort of said 62 00:03:00,400 --> 00:03:03,680 Speaker 1: very similar to what you're saying now. For you, Janine 63 00:03:03,720 --> 00:03:07,560 Speaker 1: and for others within the industry, is this something that uh, 64 00:03:07,600 --> 00:03:09,840 Speaker 1: you know that that you guys have contacted the federal 65 00:03:09,880 --> 00:03:13,440 Speaker 1: government about or our local member for Solomon to try 66 00:03:13,480 --> 00:03:16,360 Speaker 1: and and maybe see a bit of a readjustment. 67 00:03:17,440 --> 00:03:21,320 Speaker 2: Absolutely. There's a couple of things. Like myself personally, I've 68 00:03:21,320 --> 00:03:23,840 Speaker 2: written into government social government, I do that all the 69 00:03:23,840 --> 00:03:26,600 Speaker 2: time about everything, yeah to do with it for the 70 00:03:26,600 --> 00:03:29,880 Speaker 2: Northern Territory. But also on the eighth of August, like 71 00:03:29,960 --> 00:03:33,120 Speaker 2: doctor ann Ali who's the Federal Minister for Small Business, 72 00:03:33,520 --> 00:03:37,720 Speaker 2: she came up, well, she came through Darwin on her 73 00:03:37,720 --> 00:03:39,880 Speaker 2: way back from a thing in Indonesia and she and 74 00:03:40,120 --> 00:03:43,840 Speaker 2: Goblin met with different businesses and I was included in 75 00:03:43,880 --> 00:03:47,440 Speaker 2: that regarding you know, the things that were of issue 76 00:03:47,640 --> 00:03:50,280 Speaker 2: within the Northern Territory and we bought it up. Now 77 00:03:50,320 --> 00:03:52,440 Speaker 2: that's on the eighth of August, was with her cricket 78 00:03:52,680 --> 00:03:56,520 Speaker 2: since then, you know, advising that the cats just aren't enough, 79 00:03:56,640 --> 00:04:00,760 Speaker 2: like it's not allowing people to get in and disadvantagingers. 80 00:04:01,320 --> 00:04:04,480 Speaker 2: I'm talking up to thirty thousand dollars mortgage insurance that 81 00:04:04,520 --> 00:04:06,720 Speaker 2: people might have to pay to do just buy a 82 00:04:06,760 --> 00:04:10,200 Speaker 2: standard property at around seven to seven fifty. And the 83 00:04:10,560 --> 00:04:13,520 Speaker 2: other thing that it also stops them from being able 84 00:04:13,600 --> 00:04:15,840 Speaker 2: to do is even just look at building a new home. 85 00:04:16,200 --> 00:04:18,919 Speaker 2: Within that scheme, you cannot build a home. If you 86 00:04:18,960 --> 00:04:21,159 Speaker 2: want to build a new home for six hundred thousand 87 00:04:21,200 --> 00:04:24,560 Speaker 2: dollars in the Northern Territory. It's just not possible. So 88 00:04:24,839 --> 00:04:27,080 Speaker 2: we bought all those things up, but it just seems 89 00:04:27,080 --> 00:04:28,440 Speaker 2: to fall on de Feu sadly. 90 00:04:28,640 --> 00:04:31,400 Speaker 1: So Janame, what is your message for the federal government 91 00:04:31,400 --> 00:04:34,000 Speaker 1: today when it comes to you know, this cap and 92 00:04:34,600 --> 00:04:38,080 Speaker 1: trying to really help territories to actually get into their 93 00:04:38,120 --> 00:04:39,080 Speaker 1: first time. 94 00:04:39,560 --> 00:04:42,599 Speaker 2: Well, firstly, maybe listen, that would be really good, but 95 00:04:43,400 --> 00:04:46,760 Speaker 2: it's just look at it realistically. If you're saying, well, look, 96 00:04:46,800 --> 00:04:48,760 Speaker 2: this is open to people to buy a new home, 97 00:04:48,920 --> 00:04:51,040 Speaker 2: what can you buy if you want a proper normal 98 00:04:51,040 --> 00:04:54,240 Speaker 2: house on land in your own yard? What does that 99 00:04:54,279 --> 00:04:57,599 Speaker 2: cost you in the different parts of Darwin and the 100 00:04:57,640 --> 00:05:00,240 Speaker 2: Palmerston and the Greater Reason and then all so, what 101 00:05:00,279 --> 00:05:02,200 Speaker 2: does it cost you to actually build a home with 102 00:05:02,240 --> 00:05:04,760 Speaker 2: the new land releases? Like you know, we've got all 103 00:05:04,760 --> 00:05:07,359 Speaker 2: these great grants, but you're using up the grants on 104 00:05:07,400 --> 00:05:11,120 Speaker 2: stamp duty and mortgage insurance alone. They're not really helping 105 00:05:11,160 --> 00:05:14,320 Speaker 2: for anything else. And you know, we're putting that point 106 00:05:14,360 --> 00:05:17,719 Speaker 2: out there but clearly not listening. You've got places like 107 00:05:18,320 --> 00:05:20,640 Speaker 2: Hobart that have had point one percent growth in the 108 00:05:20,720 --> 00:05:23,880 Speaker 2: last quarter getting their price caps raised by one hundred 109 00:05:23,920 --> 00:05:26,799 Speaker 2: thousand dollars, how has gone up five point nine percent 110 00:05:26,839 --> 00:05:29,520 Speaker 2: in the last quarter, and we got nothing like, what's 111 00:05:29,600 --> 00:05:31,039 Speaker 2: with that doesn't make any sense? 112 00:05:31,240 --> 00:05:33,640 Speaker 1: No, it doesn't seem to make any sense. But often, 113 00:05:33,680 --> 00:05:36,159 Speaker 1: you know, some of these political decisions don't make a 114 00:05:36,160 --> 00:05:40,120 Speaker 1: lot of sense to us common sense people. Hey, Janine, 115 00:05:40,200 --> 00:05:42,240 Speaker 1: I mean give us, you know, give us a bit 116 00:05:42,279 --> 00:05:45,839 Speaker 1: of perspective. I suppose in terms of you know, over 117 00:05:45,880 --> 00:05:48,240 Speaker 1: the last month or over the last couple of weeks. 118 00:05:48,240 --> 00:05:52,320 Speaker 1: And now as this scheme really kicks in today, you know, 119 00:05:52,440 --> 00:05:54,760 Speaker 1: watch what those first time buyers are sort of saying 120 00:05:54,800 --> 00:05:57,280 Speaker 1: when they come in to speak to you about getting financed. 121 00:05:57,839 --> 00:06:01,160 Speaker 1: They are they quite upbeach? Are they feeling as though 122 00:06:01,160 --> 00:06:03,560 Speaker 1: they're really not able to purchase them what they might 123 00:06:03,720 --> 00:06:05,960 Speaker 1: hope that they're able to when it comes to that 124 00:06:06,040 --> 00:06:08,400 Speaker 1: value for money with these caps. What's some of what 125 00:06:08,440 --> 00:06:09,000 Speaker 1: you're hearing? 126 00:06:09,920 --> 00:06:13,240 Speaker 2: Yeah, look, a lot of it's having to sadly like 127 00:06:13,279 --> 00:06:17,960 Speaker 2: they've got the borrowing power to purchase these properties. But 128 00:06:18,279 --> 00:06:20,440 Speaker 2: with their deposit. You know, people are coming in with 129 00:06:20,520 --> 00:06:23,480 Speaker 2: seventy or eighty thousand dollars as first homeonus. They've saved 130 00:06:23,560 --> 00:06:25,760 Speaker 2: really hard and they're like, wow, I've got to pay 131 00:06:25,800 --> 00:06:29,160 Speaker 2: another thirty in mortgage insurance just to get what I want. 132 00:06:30,040 --> 00:06:32,679 Speaker 2: And they are readjusting and trying to look for stuff 133 00:06:32,760 --> 00:06:35,159 Speaker 2: cheaper and it's not that easy. We've had a very 134 00:06:35,160 --> 00:06:38,360 Speaker 2: big boom in the last twelve months, I'll say, with 135 00:06:38,520 --> 00:06:41,920 Speaker 2: investors from down South and buyers agents coming up, you know, 136 00:06:42,120 --> 00:06:44,719 Speaker 2: buying all the cheapest stuff, and it's just making it 137 00:06:44,880 --> 00:06:48,119 Speaker 2: very difficult. So they're going away and rethinking and maybe 138 00:06:48,120 --> 00:06:52,280 Speaker 2: thinking investing elsewhere, and maybe investing elsewhere so they can 139 00:06:52,360 --> 00:06:54,680 Speaker 2: move there. So you know, it would be really good 140 00:06:54,720 --> 00:06:56,960 Speaker 2: if other voices other than myself and a couple of 141 00:06:57,000 --> 00:07:01,240 Speaker 2: other brokers who were just really vocal, would actually you know, 142 00:07:01,640 --> 00:07:05,400 Speaker 2: talk nationally and say, look, we're trying to grow our population. 143 00:07:05,880 --> 00:07:07,040 Speaker 2: You need to assist us. 144 00:07:06,960 --> 00:07:09,440 Speaker 1: With that, Janine, before I let you go. I know 145 00:07:09,520 --> 00:07:13,080 Speaker 1: that some experts have warned that the increased demand could 146 00:07:13,160 --> 00:07:16,720 Speaker 1: worsen affordability issues. I mean, are we at risk here 147 00:07:16,760 --> 00:07:19,040 Speaker 1: of creating a short term sort of sugar hit for 148 00:07:19,080 --> 00:07:20,200 Speaker 1: the market, do you think? 149 00:07:22,920 --> 00:07:26,400 Speaker 2: I don't think so. Like if it increased, there's a 150 00:07:26,400 --> 00:07:28,960 Speaker 2: lot of flow on effects with the building market in 151 00:07:28,960 --> 00:07:32,400 Speaker 2: particular that I think would create long term benefits, so no, 152 00:07:32,600 --> 00:07:33,960 Speaker 2: I don't think so well. 153 00:07:34,040 --> 00:07:36,560 Speaker 1: Janane, really good to speak to you this morning. I 154 00:07:36,600 --> 00:07:39,280 Speaker 1: appreciate your time, and I appreciate you sort of giving 155 00:07:39,320 --> 00:07:41,720 Speaker 1: us a bit more perspective as well about that price cap, 156 00:07:42,240 --> 00:07:44,040 Speaker 1: and it is something that we will certainly try and 157 00:07:44,080 --> 00:07:46,160 Speaker 1: follow up. We've been chasing for the last few days 158 00:07:46,160 --> 00:07:48,840 Speaker 1: trying to get the federal Housing Minister on, so we'll 159 00:07:48,840 --> 00:07:50,640 Speaker 1: continue to do that and if we're able to get 160 00:07:50,640 --> 00:07:52,800 Speaker 1: her on, we we'll certainly be putting that to her. 161 00:07:53,680 --> 00:07:54,120 Speaker 2: Awesome. 162 00:07:54,440 --> 00:07:57,800 Speaker 1: Thank you, thanks so much, Janine. I really appreciate your time.