A New $2M Suburb
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What record was recently set for an Australian suburb?
It's the Real Estate Podcast brought to you by Ray White, the largest real estate and property group in Australasia. And welcome to another episode of the Real Estate Podcast on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcast from. Welcome to the middle two of the week today, Wednesday, May the 18th for 2022. And coming up in just a moment, we're going to be checking out a new $2 million suburb somewhere in Australia that recently made one set of vendors very happy given the current market. And the agent is pretty happy as well. And we'll be talking to that agent coming up. But first, let's take a look at your weather around Australia. It's the main centre forecast with propertybuyer.com.au.
And first to Sydney, expecting mainly fine weather and a high of 20 degrees. Melbourne expecting one or two showers with 15. Brisbane, partly cloudy but a dry Wednesday and 25 degrees. And good morning to you in Perth. Make sure that you grab the raincoat because you're expecting some rain today with a possible storm with a high of 22 degrees. Informing you on real estate. Wake up every morning to The Real Estate Podcast. And thank you too for the emails that you are taking the time to write and send in to us here at The Real Estate Podcast. One that came in yesterday from Karen in Chatswood, which is... Oh, brain fade. Where is Chatswood? Sydney, that's right.
How did the $2 million sale impact local property values?
Karen writes, there is a lot of commentary around trying to pick the next rate rise. Is there any one way, she says, of getting closer to the date? With somebody that has a $750,000 mortgage, it would be nice to get a little bit more of an accurate picture. Well, unfortunately, Karen, there's no way of knowing, but I did go back to the RBA press release when they did raise the rate, which happened on the 3rd of May. And right at the bottom of the press release, it says, and I quote... The board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. It goes on to say... The Board will continue to closely monitor the incoming information and evolving balance of risks as it determines the timing and extent of future interest rate increases.
So we know that they're coming there, Karen. That is very clear and probably sooner rather than later. Anything more than that is pure speculation. I know that that doesn't really help you much this morning, but we are all in it together. And good luck too with that mortgage of yours. Well, with the market a little bit sideways at the moment, it's always good to point out some positivity, particularly relating to prices that are popping up around Australia come auction day. And one occurred the other day in Canberra in an area called Aranda. and the home managed to break the suburb record with the first $2 million plus sale. The selling agent was Amy Wilson who said that the property got enormous attention and Amy is joining us this morning.
Hi Amy, it sounds like no sign of the market slowing with this particular property. Tell us a little bit about the attention that you got in numbers with buyer interest on this. Good morning.
What factors contributed to the high interest in the Aranda property?
Thank you for having me along. Yes, it was a fantastic campaign. Aranda, generally speaking, is a very tightly held suburb, so it's often not much to choose from. And this particular property is one of the best, sitting right up there on the reserve backing the Aranda bushlands. And the property presented really well. We ended up with over 12,000 views of on this particular listing across all of our online platforms, 117 inquiries on the property and over 70 inspections. So we were very pleased with that. Yeah, so that is a hell of a lot of people taking a look at the property. So a few days ago, you had two registered bidders, which is always interesting in an auction because that's the bare minimum really that you need to sort of make a bit of a go at it.
And these two really did battle it out, didn't they? Yeah, they really did, which was very welcomed. We were looking a little shaky earlier in the day.
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Chapters
6 chapters
1
What record was recently set for an Australian suburb?
0:02–1:39
2
How did the $2 million sale impact local property values?
1:39–4:00
3
What factors contributed to the high interest in the Aranda property?
4:00–5:40
4
What challenges did the auctioneer face during the bidding process?
5:40–7:13
5
What makes Aranda a desirable suburb for homebuyers?
7:13–9:16
6
How have recent cash rate rises affected the Canberra real estate market?
9:16–9:43
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