Chapter 1: What is the significance of Teneriffe as Brisbane's first $3 million suburb?
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And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning just after 6.30 and also available on Spotify and Apple and wherever you get your podcasts from. Tuesday morning is here, the fourth day of October for 2022. Of course, today the interest rate rise.
We will find out later this afternoon what is happening and we will bring you the result just as soon as that is announced. Coming up this morning, we are going to be talking with Hamish there in Brisbane about the Brisbane $3 million suburb in Tenerife. So how is the luxury market fearing amid interest rates and the current market? We'll find out that very shortly.
Meantime, CoreLogic's latest pain and gain report is out, which accessed 102,000 property sales. CoreLogic's head of research Eliza Owen said that this particular pain and gain report provides a line in the sand and confirms the moment when the housing market peaked and started to turn. Now CoreLogic found that interest rate hikes have induced a price softening in Sydney and Melbourne
But other capitals remain strong with sale price gains. In fact, if you look at Melbourne and Adelaide, they've recorded an increase in the number of properties selling under the hammer last Saturday, October the 1st. And domain figures shows that there were 735 properties to auction last Saturday. Now, the clearance rate rising a tad across the combined capitals, hitting 60.2%.
And interestingly, that is the highest clearance rate since April. And just as importantly, is the fourth consecutive week higher than 55%. So that is encouraging. It is heading upward.
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 October the 4th, you are in good company. Susan Seridan, she is celebrating her birthday. She's turning 75 today. So happy birthday to you if you are celebrating your birthday. Janice Joplin from the history books. She died on this day way, way back in 1970. And also on this day, Wikileaks is launched and created by internet activist Julian Assange.
That happened on this day back in 2006. And also on this day, the Orient Express departs on its first official journey from Paris to Istanbul. And that happened quite a long time ago, 1883.
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Chapter 2: How is the luxury real estate market in Brisbane reacting to interest rate changes?
Well, it was reported last week by PropTrack that Brisbane now has its first $3 million suburb, revealing Tenerife is the spot to be there in Brisbane with its median house price jumping by another 16% in the past year. And we have some of prop track data for September showing Brisbane house price growth continues to outperform all other capital cities, rising 24.3% in the last 12 months.
It is not bad what is going on in Brisbane at the moment. And let's welcome into the real estate breakfast luxury inner city agent Hamish Bowman. Good morning to you, Hamish. You're in the right spot, eh?
Yes, Craig, we are. We are. We're in for a purple patch. Brisbane has been sort of the poor cousin to Sydney and Melbourne, but now it's calling it sort of the younger brother, younger sister, and it's time to shine. Obviously, the Olympics is a bookend, but between now and then, there's a lot going on in Brisbane. I've never seen so many positive ticks in the positive column
And that's the point too, coming back to Brisbane outperforming all other capital cities around the country. They're sort of maintaining that. Now you're dealing in the luxury end of the market. What has particularly stood out for you over the last 12 months there in Brisbane?
Brisbane's the fastest growing city in Australia. Southeast Queensland's the fastest growing region, Craig, and there's 50,000 people here coming over the border. So obviously some of those do have significant money to spend.
And as Brisbane is still good value on these median prices, when you're comparing a property in Point Piper for $20 million plus and you're talking about a median value in Tenerife, which I know we'll get to, The buyers who have the money think this is great. Brisbane's now coming of age with the James Street precinct. We've got a new airstrip. We've got a casino getting built.
We've got a cross river rail. We've got all this new infrastructure coming into play. So it really is exciting times.
And I want to ask you how much of a factor, because you're dealing in that luxury high-end stuff, how much of a factor has, for example, somebody cashing out, say an investor cashing out of a rental property, taking the money that they've made, particularly over the last two years, putting that into a luxury pad for themselves?
Is there a bit of that going on with the sort of clients you're dealing with?
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