Chapter 1: What updates are happening in Bondi Beach's real estate market?
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 Breakfast, available on iHeartRadio every morning and on Spotify and Apple and wherever you get your podcasts from. Monday morning came around pretty quick. I hope you had a fantastic weekend.
If you were transacting over the weekend, I hope that that went well. Today is the 24th day of October for 2022. And coming up, we're going to be talking beaches.
Chapter 2: How has the COVID-19 pandemic affected property demand in Bondi?
eastern beaches of sydney to be precise and the world-renowned bondi beach people just want to live and feel the sand between their toes so selling agent monica shore is here from bondi beach to give us the latest update for that part of the world and at the end of the year how many people think about holidaying on the eastern beaches of sydney even better
if you have friends with property there and often isn't that the way you are introduced to a new area a friend buys somewhere coastal then you go and visit that friend and the next thing you find yourself doing is buying a property there and totally uprooting yourself into a brand new area and i'm sure that 2023 with the new year coming up we'll see many people doing exactly that
You know we talked last week about a property getting over $600,000 above the reserve price. Well over the weekend a vendor got nearly $800,000 above the minimum price the vendor was willing to accept. It seems it was all happening in Queen's Park in Sydney was the location of the auction where $5.1 million was paid for a four-bedroom cottage.
About 50 people turned out, another positive sign that vendors in Sydney will be very pleased to see. Now, if you're celebrating your birthday, you'll be pleased to see the birthday cake. It's the 24th, as I mentioned, for October.
Chapter 3: What recent auction results indicate about the Sydney property market?
Happy birthday. You're sharing it with Wayne Rooney, the English footballer, turning 37. Kevin Kline is 74. And Drake is having a birthday today. He's turning 35. Informing you every morning from 6.30, seven days a week on The Real Estate Breakfast. And let's check on your weather on this Monday morning. In Sydney, expecting some rain this morning. 22 is your forecast high.
Chapter 4: How are investors responding to the current rental market in Bondi?
In Melbourne, also showers and the rainy stuff. 23 is your forecast top. In Brisbane, expecting a hot day, 31 degrees and a possible shower. And in Perth today, showers to ease and your high of 22 degrees. It's your weekday real estate breakfast with news, interviews and predictions every morning on The Real Estate Podcast. Well, the eastern suburbs is very desirable and exclusive.
Many people, of course, aspire to live there, invest there and play there. But unfortunately, not all can. And the widening of the not being able to live there has probably become even larger since the pandemic started. So let's bring in Monica Shaw from Ray White Unlimited here.
in Bondi Beach and a very good morning to you Monica welcome back to the real estate breakfast thank you so much Craig for having me back again on your podcast so thank you We're getting you back because you know what's going on there on the eastern side, particularly there in Bondi. Sydney is experiencing highs and lows in different pockets and suburbs.
Premium properties are still attracting and commanding, in some instances, fantastic results for the vendors. So since we last spoke, Monica, Bondi is doing what exactly at the moment? Well, we've seen a buzz come back into Bondi since borders have opened. There's definitely more of a buzz. There's definitely more of an energy in the area, which has been fantastic.
Chapter 5: What challenges are buyers facing with rising interest rates?
People are still transacting and people are still wanting to be in these areas because there's only a certain number of homes near the beach. And so we are still seeing that desired number of buyers coming in. And the investors, to the point, they are coming back too, aren't they? Absolutely. We've definitely seen an influx of investors come back into the mix.
We saw a very quick departure of investors in the last year during COVID periods, because obviously, you know, rentals were low.
Chapter 6: How is the upcoming Christmas season impacting real estate transactions?
Now we've seen investors, student investors coming back, they've seen the market sort of bottomed out a little bit, and there's not much more in the market to bottom out. So people are starting to see the rise and are taking opportunities. And so because We're seeing rentals increase, you know, approximately 10, some places 15% from what they were during COVID.
We weren't expecting such a huge return to good rental figures. So, yeah, we've seen clever people come back in. They're buying. They're looking at long-term growth, good opportunities to purchase properties. Some of them, they're not getting as much competition perhaps as others, and so they're capitalising on that moment.
Chapter 7: What strategies can sellers use to avoid competition during the holiday season?
Now, we've talked a lot on the podcast about just the influx of people coming into Australia, and where are they all going to go? Because these rentals, it is so tight at the moment, and these investors that are coming into the market, they're talking to you. How important is that rental? Because I imagine that that's quite flavoursome at the moment. Really good question, Craig.
That is very true. Rentals are tight. We are seeing up to 20 people turn up to a property on the first inspection, getting leased before it's even empty. I've had a couple of properties that I've sold that we had it open three weeks prior to settlement.
Chapter 8: How do market trends suggest a recovery after the holiday season?
We secured a tenant. and for probably 10%, maybe 12% more than what we had initially put it on at because there's just a surplus of potential tenants and there's not enough rentals. So, yeah, I mean, look, where are they going to go? They're places that were a little bit more challenging to rent.
This is the time to freshen the paint, do a small little reno, just add a few things where you can really utilise that. And, yeah, this is the time, again, we're seeing for good rental figures. So that's where we're all going. It's just wherever it wasn't now, it's coming back on. And what are some of the roadblocks that you've experienced since we last spoke in relation to the rate rise?
Because there's been a few of them, Monica, since we last spoke. You know, there's definitely been a couple of roadblocks in terms of buyer sentiment and seller sentiment. I think people were concerned with how fast and how hard the interest rates were coming.
I think now that we've had a few, people have settled into a little bit more comfort understanding what that means to them in terms of borrowing capacity, number one, what that means to them in terms of how much extra they will have to pay and how much less they're potentially going to get when they go to the banks.
But also, I think what it's done is there is some comfort around the fact that, right, well, people still need to move. They need to buy, sell. People are upsizing and downsizing. So I think it's just put real people who are serious in a different position mentally in order to do that.
And people who are unsure or don't quite have all their ducks lined up, they're sort of sitting back and will wait, as most people usually do. But those people who really need to do something, I think will probably do something moving forward. And of course, not too far away from November, what's your prediction? What do you think the rate rise is going to be? It has to be 25. What do you think?
Well, Craig, I'm not a betting woman, so I'm not the right person to ask about what it will be, but it will be coming into place. And what I can bet you on is the fact that that will drive the market in some capacity. because I think it will really secure people who really want to do something and it'll drive buyers into the marketplace.
Because once that goes in, you know, obviously their borrowing capacity can change. So who knows where it's going to end up. But you can definitely ask me about buying bricks and mortar, not interest rates. All right, so we talk about the Christmas dash for both vendors and buyers to settle before the end of the working day on the 24th of December.
Is it a case of the closer that you get to Christmas that people, especially on the eastern side and especially in Bondi where you are, Just say to themselves, ah, too close to Christmas. Let's just enjoy the beach, enjoy the weather. Let's have another Christmas and then list the other side. People can still list. You can be very clever about how you utilize the marketplace.
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