Apartment Losses
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It's the Real Estate Podcast, brought to you by ANZ Home Loans for financial well-beings. And welcome to another episode of the Real Estate Podcast, available on iHeartRadio every morning and also on Spotify and Apple and wherever you get your podcasts from. It is a Monday morning, which means the weekend is gone into a nice, fresh working week. Hope it was a good one at your place. The 10th day for October for 2022. It seems like it was a fairly busy auction weekend around the country and in particular in certain cities. Never let it be said that a small bid can't knock out your competition at an auction. We've talked about it before and on Saturday in Brisbane's Outer North, two bidders going back and forth fighting for a five bedroom home.
In total, nearly 40 ping pong exchanges going up and down, up and down with their paddles. But in the end, it came down to a $500 knockout bid. So there you go. If your budget can afford it, you never know when you're going to knock out your competitor. Coming up, we're going to be talking to Angie Zigamanis about the oversupply of apartments and some losses being felt by owners. What are these areas where owners are losing money? What is happening? Because we see these shiny new modern looking tall apartment complexes. Some, as you know, have had some cracking issues. Some investors and apartment buyers are starting to look elsewhere. Where are they looking? We'll talk about that in just a moment. It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast.
And as mentioned, today is the 10th of October. If you're celebrating your birthday, have a fantastic Monday. You're in the presence of David Lee Roth. He is celebrating his birthday. I'm just trying to think of that song. Gigolo, something along the lines of I'm just a gigolo, 67 today and on the history books from 1964 the Tokyo Summer Olympics begin. Yeah this is interesting, the first Olympics to be held in Asia in 1964 happened on this day and And as a tribute to the horrors of the Second World War, Yoshinori Sakai, who was born in Hiroshima on August the 6th, 1945, the very day the atomic bomb destroyed the city, was chosen as the torchbearer to light the Olympic flame. How ironic. Here we are all those years later in 2022 with Putin threatening to escalate the Ukraine war by using a tactical nuke.
It is a crazy situation that we find ourselves in. We know crazy because the last two and a half years with the pandemic, that was bad enough. But it's a whole new different ballgame, isn't it, with Putin? It's your real estate podcast for breakfast. It's the main centre forecast with PRD, selling smarter every day. And heading around Australia, having a look at your weather on this Monday morning. Firstly, we go to Sydney. Should be mainly a dry Monday with partly cloudy skies. 19 is your forecast top. Mostly sunny in Melbourne today. 18 is your forecast high. In Brisbane, expecting one or two morning showers and 23. And in Perth today, one or two showers and your high of 21. We talk with leading property commentators with analysis, predictions, forecasts and what's trending every morning from 6.30.
And a question to pose and discuss this morning is, is there an oversupply of apartments in some areas? And secondly, how bad is the selling loss ratio in some of these areas containing apartments? Because Domain reported... that almost one in five properties in some apartment neighbourhoods such as Ryde and Strathfield in Sydney and Melbourne CBD and Stoddington are selling at a loss. That's right, one in five. So what are the investors and first home buyers doing? Well, they are choosing boutique unit blocks where the specs might be higher So let's talk about this and welcome into the real estate breakfast this morning, Angie Zygomanis from Quantify Strategic Insights. And good morning to you, Angie.
Welcome in. Thanks very much, Craig. So around the whole decision making where people are deciding to go for what they see as a safer bet in these boutique developments.
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