Claims extracted
23
sentences that state something as happening or true
Uncertain
9%
2 of 23 hedged
("reportedly", "may", "according to")
Leaning
not political
takes no side on a contested political question
Publisher signals
67/100
ABC News (AU)'s corrections and
hedging, across everything collected from it. Not a measure of accuracy.
Outlets on this story
1
Economy/Business
Same framing elsewhere
1
articles that frame the event the way this one does
In short:
Perth's median property values have fallen 5.7 per cent in three months, but are still 68 per cent higher than 2021.
asserted
values → fall → 2021
Financial experts say the bigger risk for mortgage holders is losing their job, not negative equity.
asserted
risk → say → job
Property analyst Gavin Hegney believes the market is about halfway through its downturn.
asserted
market → believe → downturn
While many Perth home owners are facing higher mortgage repayments combined with increased cost-of-living pressure, many still have still benefited from years of property value growth in Perth.
asserted
many → face → Perth
That was the message from financial experts at a forum hosted by 102.5 ABC Perth on tackling cost-of-living pressures.
asserted
That → host → pressures
Property valuer and analyst Gavin Hegney said while property values had begun to fall, with Perth experiencing a 5.7 per cent drop over the past three months, people who bought property five or more years ago had still recorded huge gains.
asserted
who → say → gains
That's because while data shows the city's median dwelling value has fallen to $942,018, that is still 68 per cent higher than it was five years ago.
asserted
it → show → 942,018
"Even though the market's gone down and will go down, it'll only probably take away 12 to 18 months of our gains in the last part of the cycle, and we had a boom for five years," Mr Hegney told the forum.
asserted
Hegney → go → forum
Fellow panellist and private wealth adviser Phil George agreed, pointing out the years of strong gains had allowed many borrowers to build up large amounts of equity in their homes.
asserted
borrowers → agree → homes
"I think it's really only been the last six months that we've seen depletion in housing prices," Mr George said.
"
asserted
George → think → prices
It's going to be tough for those who are new entrants [to the market], but let's not forget that a lot of people, even just over the last three, four, five years, have built up quite strong equity in their homes."
asserted
lot → go → homes
Mr Hegney said he believed the market was about halfway through its downturn, with perhaps another 10 per cent fall in values still to come, and predicted a turnaround around the middle of next year.
Job loss riskier than negative equity
The panellists said while recent buyers with large loans may find themselves in negative equity — where their home is valued at less than their loan — that would only be a real problem if they couldn't continue to make repayments.
uncertain
they → say → repayments
"Negative equity is not a problem unless you have to sell," Mr Hegney said.
asserted
Hegney → have → ?
The real risk, according to independent financial planner Nick Bruining, was for people who lost their income entirely.
uncertain
who → accord → income
The national unemployment rate was 4.7 per cent for September, the highest level since Covid, with a number of employers, including Canva, Woodside and NAB, announcing plans to slash jobs in recent weeks.
asserted
number → include → weeks
"We've had some really bad news in the last couple of days," Mr Bruining said.
"
asserted
Bruining → have → days
You can often manage your mortgage payment [by working] overtime and cutting back.
asserted
You → manage → overtime
"But if you lose your job, all bets are off.
asserted
bets → lose → job
It's a real crisis if you're a mortgage holder or have debt."
asserted
you → have → debt
Mr Bruining said people looking for interest rate relief would be unlikely to see rates of 2 or 3 per cent again anytime soon, adding he thought current rates were probably likely to remain.
asserted
rates → say → cent
"It's generally regarded that interest rates have been kept artificially low since the global financial crisis in 2008," he said.
asserted
he → regard → 2008
"What we're seeing is a return to normal.
asserted
seeing → see → normal
"Get used to the 6 and 7 [per cent rates], because that's probably where it's going to settle down."
asserted
it → get → rates
The Aporia
