00:01well we are seeing this downturn becoming much more broad-based in fact 93 percent of capital
00:07city suburbs were down in value uh through winter and we're starting to see this becoming uh
00:13evident around the regional markets as well and a macro view we've seen housing values fall by
00:19another 0.9 percent just through the month of august this was the fifth month in a row where
00:24housing values have fallen i think we're fairly early in this downturn so we're not really seeing
00:28anything that's going to be turning this housing market around in fact with the chances of another
00:33interest rate hike later this year we could see this uh this downturn deepening further so we think
00:39probably the rest of this year we should expect that housing values will continue to trend lower
00:43possibly into into next year it really depends on the path of inflation and where do our interest
00:50rates land the most significant falls at the moment sydney housing values did peak quite a bit earlier
00:55it was back in february of this year and since then markets down a little bit more than seven percent
01:00over that six-month period in dollar terms that means sydney values are down about ninety three
01:06thousand dollars from where they peaked but the context of course is that sydney was in a pretty
01:10decent upswing over the five or six years prior to this so i think we will see this um we
01:16will see
01:16housing values lower across all the major markets the mid-sized capitals are following quite closely now
01:22and really playing catch up with uh with the largest capitals
