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Chapter 1: What challenges do buyers face in the current property market?
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. We're talking to Veronica Morgan from Good Deeds Property Buyers. Welcome to The Real Estate Podcast.
Thank you so much. It's great to be here.
Hey, Veronica, you're a buyer's agent and you help people buy their dream homes. But in this current climate, that's easier said than done. There's a lot of stress, I think it would be fair to say, out there in these suburbs as people try and navigate their way around the property ladder. Why is it, do you think, a bit of a challenge at the moment to buy in this market?
This is the first time in my over 20 years property experience where pretty much every market across the country is booming. And so it's hard to buy because there's the perception of not a lot of stock. And even when there are listings coming on, they're getting snapped up so quickly that, as I said, it's the perception there's nothing to buy.
So when buyers look around, they see prices going up month on month. And this is one of the rare times as well where a lot of the regional areas have been going up at a greater rate than even Sydney and Melbourne, which have traditionally been the powerhouse markets in Australia.
So when you've got all of that going on around you, it's really uncomfortable for buyers because they feel the pressure to make decisions quickly. They obviously worry that they're not going to be able to afford to buy what they want.
they have this sort of sense that there must be this hidden market out there that they're not tapping into and they've got no idea it exists and how to get access to it. So, you know, there's just a huge proportion of people that are out there wanting to upgrade in particular at the moment and they're looking around thinking, am I being locked out of this, you know?
And so there's a high degree of discomfort and that's not pleasant for anyone really.
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Chapter 2: How is FOMO affecting buyers' decisions in real estate?
Where do I actually, where's the best place to invest? And there's so much information out there, but there's so little clarity around, well, what of it, which bit of it matters? How do I actually apply that information so that I make good decisions? And unfortunately, a property, everybody's got an opinion. And so it's really difficult to get unbiased advice and direction.
So that's one of the reasons why a lot of investors would spin their wheels, particularly when trying to find a location to invest in.
You know, what you're talking about there, it's like trying to catch a Sydney train but you're two hours late to the station.
Yes. Yeah, it's pretty miserable, isn't it? You might end up somewhere else. You've just got to get on the next train. The problem is that that's not always the answer for everyone, but I think that's a great analogy.
And properties at first glance, this is the other problem, can have that snob factor from the buyer, meaning that they look at a property and automatically dismiss it because they can't see the potential, even if it's in the right location or just one suburb over.
And I'm guessing, again, this is going to be the job for you to put the clarity, the opportunity forward so that they're looking through the opportunity through a different lens.
Well, it's sort of funny that there are so many television shows encouraging people to renovate. And it becomes a fad every now and then where people want to renovate. But fundamentally... It's so much easier if it's all done for you. And so, you know, I keep saying to a lot of clients, you know, black taps will not be in forever.
You know, they'll go inside and they'll fall for all the most, you know, the up-to-date finishes. And like you say, fail to see the opportunity in other properties. And I love looking for ugly ducklings where the bones are good, but it doesn't have all the shiny, you know, new finishes that are really on trend.
And the problem is, of course, on the other end of that scale, if people are going to update property, they do need to understand what's the difference between something that requires cosmetic updating versus a full-scale renovation. And often in a hot market, people...
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