BAD FOMO Property Prices
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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.
And location is always top of mind for people when sitting down and evaluating where they want to invest in. And people can be out of the market for even up to two years because they don't want to settle in a location that isn't their preferred choice. There has to be this realignment really in people's thinking based on their budget and their location. And I'm guessing that you are the person in many ways that has to illuminate the reality of truth for them.
Well, it's funny you say that. I mean, one of my other hats, I wear a number of hats, right? One of my other hats is actually the co-founder of Homebuyer Academy. And so that's where we predominantly help first-time buyers but also investors, particularly first-time investors. And that number one question we get asked from particularly from first-time buyers and from first-time investors is where should I buy? And as a result, we even created two workshops. We've got a where to buy workshop for owner occupiers and a where to buy workshop for investors. Because it's an enormous question. Now, owner-occupiers tend to be the ones that will hold off because they can't get in their desired location and they will make lots of mistakes because what they're failing to do is recognise the realities of their situation.
You know, we don't like reality checks when the information is not necessarily what we want to hear. So we talk about the three P's that you've got to go through a process to actually work out which can flex most, either the price, that's your budget, the property itself, so the actually elements and features of that property, or the third P is the position of the location. So owner-occupiers need to go through that process and they need to go through it early on to get clarity as to what they should be buying, what they need to be spending and where they can afford to buy that. and the longer they take you know the worse off they are and it's fine if the market's falling you know take your time but you know in a situation we've had in recent times the market's been rising and if you actually wait too long you'd be priced out of the market it's actually worse off and so it's a real trap and I remember the last boom in Sydney between 2012 and 2017 we'd get people coming into our office that had sold
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