Apartment Undersupply = Opportunity
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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. Well, it's a Friday morning. Yes, the weekend is knocking on the back door. It's the 16th day for September of 2022. Have you had a busy week? Well, the weekend nearly here. Let's just get through Friday. I see that new data from Domain reveals the clear impact that we already knew the pandemic had on demand for regional properties around Australia. Check out this. This was really fascinating. The data shows that in March of 2016, the median price for a house in regional New South Wales was $425,000.
It took more than four years for that median price to rise by $100,000, so $25,000 a year. Then COVID comes along and within 21 months, prices had jumped 200k and by June of 2022, the median price was $740,000. There are some other breakdowns for other states that you can have a look at with this report. it certainly shows that regional Australia has gone gangbusters since the pandemic started. And changing subject, coming up next, we're going to be talking to Rich Harvey about the apartment market. And at different times, there's been negative media retention that's given apartments and units a bit of a bad rap. But does that mean there are some opportunities for you to invest? Well, we'll check on that next.
It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast. Hey, if you're celebrating your birthday for this day of the 16th for September, have a fantastic Friday. You share it with the singer Richard Marks. He is turning 59. David Copperfield, the magician, is turning 66. And Mickey Rourke, one of the finest actors going at the moment, he is turning 70. We talk with leading property commentators with analysis, predictions, forecasts and what's trending every morning from 6.30. It's the main centre forecast with PRD, selling smarter every day. Let's head around Australia and check on your weather on this Friday morning. And first we go to Sydney, expecting a sunny one and 24 degrees.
The opposite for you in Melbourne, expecting the rain today. 17 is your forecast high. In Brisbane, a possible morning storm with showers and 27 is your forecast top.
What impact has the pandemic had on the apartment market?
And in Perth on our Friday morning, expecting partly cloudy conditions should be mainly dry and 21 is your forecast high. We are just as addicted to property as you are. Every weekday morning from 6.30. Let's Talk Property, a podcast series with Rich Harvey. well the apartment market for such a long period of time has been given a bad rap and with plenty of adverse news around all sorts of people from mum and dad buyers through to experienced property experts have declared rightly or wrongly that units are off limits when it comes to savvy investments or home ownership but our world has changed dramatically over the last two plus years And could right now in the current conditions be ripe to consider an apartment purchase?
Well, it's a Friday morning, so Rich Harvey, Buyer's Advocate and CEO of propertybuyer.com.au is here to help explain the reasons on why a looming undersupply of apartments is likely to provide an excellent opportunity for potential unit purchases. And a very good morning to you, Rich. Welcome to the Real Estate Breakfast. Good morning, Greg. Great to be with you again. Well, it's been a busy week, Rich, and perhaps tell us why apartments have received negative media attention and been given this bad rap. I think one of the main reasons we've seen a lot of negative media around apartments is particularly in Sydney. There's been two major apartment blocks, one the Opal Towers fiasco, which was out at Homebush, and the other one was Mascot Towers near the airport where there were major, major structural defects.
They're only a couple of years old, but these brand new apartments had massive cracks and massive problems with them.
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