Chapter 1: 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.
Chapter 2: 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.
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Chapter 3: 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.
One of our bidders had gotten cold feet, I guess you'd say, because of what's been happening around the cash rate rises. So it took a little bit of work to get that buyer back on board. And luckily, we did have the two of them. The second bidder, would you believe, had only seen the property that day.
I think the auction gods, as we call it, were on my side and we got ourselves a nice competitive auction in the end. The bidding opened at $1.6 million. They were quite quick back and forth up to $1.95 million, at which point the underbidder had reached their limit.
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Chapter 4: What challenges did the auctioneer face during the bidding process?
They sort of pulled out at that point. We were able to then negotiate that highest bidder up to a very nice price of $2.15 million. So it worked really nicely. Yes, well done to you. And what is special about Aranda? It's a suburb that obviously is a premium one there in Canberra. What's the attraction?
We've got probably the best public primary school in Canberra, which is a real drawcard for the suburb. We have a beautiful set of regenerated local shops, really good coffee shop and a very sort of trendy little bar slash restaurant. So that's also something that people look for. And of course, the bushland, we're one of Canberra's prettiest bush settings.
This house and a lot of Aranda is surrounded by the Aranda bushland. Plenty of nice walking trails and a real sense of nature. So it's a pretty popular spot. And there will be other homeowners in Aranda thinking about what to do at this time.
They would have heard maybe about the house sale going, that $2 million plus, and suddenly that can be a little bit of a tipping point where a vendor might say, right, let's list. Have you had any inquiries based off this result, I guess, Amy? Yeah, I certainly have. A lot of the neighbours did pop along for a look at the property while it was open for exhibition.
I did get to meet quite a lot of the neighbours who were keen to see how it would go.
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Chapter 5: What makes Aranda a desirable suburb for homebuyers?
A lot of them very hopeful that we might finally crack the $2 million in here. They were all there to watch the auction and there's definitely been quite a few inquiries following that sale of people wanting to know what their home is worth. Yeah, and also coming back to the markets, as I mentioned at the top, it's a little bit sideways.
What have you noticed on the ground working there in Canberra with vendors and buyers since the cash rate rise? Yeah, well, obviously, we're all sort of very conscious at the moment as agents. We're very conscious of how buyers in particular are behaving and reacting to the changes in, I suppose, world circumstances as well as things like the cash rate rise.
As an agency, we're keeping across what is happening across all of Canberra in terms of buyer numbers, registered bidders, the responses at auction. There are some areas of Canberra that were doing very, very well. They were performing very strongly. And now we're seeing the buyer numbers have dropped right off in those areas, like maybe only getting 5%.
four buyers through the first open home, for example. And then on the flip side, we've got newer suburbs of Canberra where we used to see less buyers. Now those numbers are sort of going through the roof. So there seems to be a demand at the moment for the newer properties.
And I understand that you come from a background as a graphic designer, photographer and artist with a bachelor degree with honours. So those skills will no doubt help vendors help realise some good price points. Yes. Attention to detail is one of my strong suits and making sure that the sellers, their properties are presented beautifully.
So they like to have me over, have me walk through from front to back and make suggestions about the presentation of their homes before we get the photographer out and that sort of thing. And then I get to have a little bit of fun with the marketing, keeping in check with my creative side.
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Chapter 6: How have recent cash rate rises affected the Canberra real estate market?
So that's enjoyable. Well, thanks so much for taking a little bit of your morning to talk to us, Amy, and good luck getting your next $2 million plus sale there in Canberra. You're welcome. Thank you for having me. And yes, I hope I'm talking to you again soon with a similar result. We connect you to the best real estate information across Australia. The Real Estate Podcast.