Australia Property Market Update | Comparing Real Estate Across Major Cities
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What recent trends are impacting the Australian property market?
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We all live in it. Has that made the inquiry rate head upwards? Give us a flavour on what is happening in Bali from Aussie inquiries. I think, Craig, over the last 18 months, the increasing costs in Australia are certainly impacting buyers. We get inquiry from families looking to move to Bali to have a sea change. We're definitely seeing an increase in inquiry from retirees who think it's much more affordable to live in Bali, especially from Perth and the west coast of Australia, and also investors that are looking for greater returns than are available than from residential property back home. So, yeah, the inquiry from Australia is certainly very strong. It's a big diff though, isn't it? Big difference from talking about moving offshore and actually doing it.
So you must talk to a lot of people. They're sort of enticed because of the pricing, and we'll get to those prices in just a moment. But out of 10, you're probably what? 50% of them are not thinking about it. Is it only a 20% strike rate? Yeah, good question. I think a lot of people come to Bali for sometimes a long holiday or those that have been coming here for many years in a row and start to dream of having a property in Bali. It's a nice dream, but I would say the conversion rate would be more like 10% to 20% of Aussies that actually go ahead and make the move or purchase that investment property. So it's still a bit of a pipe dream for most Australians, but I think it's becoming more and more reality also for a lot of Aussies back home.
How are buyers' inquiries shifting towards Bali?
Let's talk then some of the pricing and first home buyers. Let's break it out into sort of two cohorts. You've got the first home buyers. They are buying units big time in Australia. So if somebody's got $500,000 Aussie dollars and they want to get into an apartment living scenario in Bali, is it achievable? Yeah, most definitely $500,000. There's not a huge apartment market in Bali. It's still mostly dominated by villas. But you can find, say, one-bedroom apartments now starting from around $250,000 Aussie. And $500,000 Aussie will certainly get you a nice two- or three-bedroom villa in a good location. So most definitely $500,000 is certainly a great starting point for Bali. So let's just work the numbers.
Let's go to 850 Australian. What can that get you at the topper end? 850 Australian will get you, say, for example, a three-bedroom, three-bathroom villa in Seminyak within 15 minutes walking distance of the beach, close to all shopping and restaurants and nightlife, et cetera, perhaps on 300 or 400 square metres of land and a 250 to 300 square metre build. So you'll pick up a very nice villa for that price range. And yeah, coming back to that question, Nathan, what about that in terms of the amount of surprises that Aussies feel once they've been there for, I don't know, three, four, six, 12 months? Generally, most people have a six to 12 month honeymoon where everything's bliss and life's good.
But then I think reality starts to hit in. I would say the most common thing and I'm sure it's well known to most of your listeners is the traffic in Bali is quite intense and very heavy, certainly in locations such as Canggu or heading to Luatu and even around Seminyak. The biggest thing I would say is traffic becomes a headache for people. Just potentially the way government is run here and sometimes bureaucracy and getting approvals for certain things or how licensing works for villas or even as simple as going and getting your driver's license. Certainly not like you would do back home in Australia. So I think that's probably the main thing. Things that you'll find that Australians perhaps sometimes struggle with after they've got through that honeymoon period.
Oh, that's good. So you're the right person to ask that question. So let's get the lens on for the next 12 months. Probably quite easy to read the market because it's heading in one direction. There's no breaks that are going to be applied here.
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