Chapter 1: What is the main topic discussed in this episode?
It's the Real Estate Podcast across every state, city and town of Australia. And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning. Also on Spotify and Apple and wherever you get your podcasts from. Well, it's Friday. The weekend is just around the corner.
and the 22nd day of July for 2022 and coming up we are talking about the Brisbane property market and finding out where things are at of course Brisbane has been performing pretty well for a long period of time they've also had the floods which is the negative side of the ledger we are going to break it all down on this Friday morning of course Rich Harvey
He is away again this week, so in his absence, he has tagged Glenn to step up to the plate. And if you're celebrating your birthday for the 22nd, you share it on the same day as Selena Gomez. She's turning 29. And the American wrestler Shawn Michaels is celebrating, along with Danny Glover, who worked with Mel Gibson on those Lethal Weapon films. He's celebrating his birthday today.
And Australian Dick Smith on this day all the way back to 1983 became the very first person in the world to fly a helicopter around the world solo. Only Dick Smith would do this. He started his trip in August of 1982 and it took him around a year to finish. Grab your coffee and switch on your real estate breakfast every weekday morning from 6.30.
It's the main centre forecast with propertybuyer.com.au. And around Australia we go, checking on your weather. And first to Sydney, expecting showers again today, 17 degrees is your forecast high. Melbourne, look at that, it's sunny on your Friday morning with 17 degrees. Brisbane, on the other hand, expecting rain with 18. And Perth, expecting some showers and 19 degrees.
From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. And the Brisbane property market has been running hot as over 30,000 people have migrated from the southern states to southeast Queensland over the last two years.
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Chapter 2: What is the current state of the Brisbane property market?
It's a lot of people, people wanting to escape the colder climates and the COVID bubble and subsequently the Gold Coast, Brisbane and and the Sunshine Coast all experienced a significant increase in population and property demand. Plus, at this time, it's hard to get a good rental property, and it's been extremely tough if you've been trying to buy into this market.
But is the market starting to turn? Will the attraction of spring and sunshine with lower prices continue to attract southern buyers to southeast Queensland? Let's Talk Property, a podcast series with Rich Harvey.
And to get the inside word on what is happening in the Brisbane property market this morning, we are talking with Glenn Sainsbury, Principal Brisbane Buyer's Advocate for propertybuyer.com.au. And a very good morning to you, Glenn. Welcome to the Real Estate Podcast. Good morning. How are you? I'm pretty good. And how's the sunshine and the weather been over the last week?
Oh, look, we've had a little bit of cloud, but we've had some amazing days. A much warmer place to be in the wintertime. You will get no complaint from me on that score. Now, Glenn, CoreLogic, they're reporting that Brisbane's growth is flattening out to just 0.1% increase in June after a period of rapid growth. Now, you're on the ground there in Brisbane. Is this reflecting what you're seeing?
Look, well, that's an aggregate metric that's based on a number of suburbs. And what we're seeing at the moment, obviously at a sweet point in the property cycle, when the tide is rising, all boats seem to be rising and all suburbs are experiencing that growth. But what we're experiencing now, at this point in the cycle, we're seeing the areas, particularly the inner markets,
We're seeing some of those areas now move out of affordability and combined with the servicing of loans and the increasing in interest rates, we're seeing a real shift towards the under $1.5 million and in particular under $1 million middle suburban suburbs.
So we're actually seeing a two-speed scenario happening where we're seeing some settling in certain suburbs, particularly those that started early in the property cycle up here in Brisbane and And we're still seeing some areas that are actually still experiencing month on month increases in overall buyer demand.
We're watching days on market so critically low that you cannot possibly get any lower. And we're watching no material increase in listings. So we're seeing the median pricing continuing for the moment in many of those more affordable areas. So it really is a two-speed market in Brisbane at the moment. And the Brisbane property market, it's been running hot as we know.
How would you describe the market at this present moment in time? We are just starting to see, rather than having 20 plus prospective buyers at a property, we are seeing less. We're seeing people moving to suburbs that previously they may have been looking in one of these areas, but due to pricing and affordability, they've now moved to something surrounding.
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Chapter 3: How has migration affected property demand in Brisbane?
The first thing is we cannot predict the future. And secondly, in terms of cost to build a home or replacement cost, it will never be cheaper than it is today. That's really the only two things that we do know. I would suggest to people to run your own race. The great thing about Brisbane, we've got population growth. We've got relative affordability.
Our purchase prices in relation to our incomes are very, very low in comparison to Sydney and Melbourne. From a rent versus ownership point of view, there are still many suburbs where it's more expensive to rent than to actually buy.
You should be focusing, in my opinion, on what those high net worth investors and the ones that are very successful, you should focus on what they do, and that is they worry about running their own race. They know they can't predict the future. But what they can do is control what they can do. And the first thing we do at Property Buyer is sit down with the client. We look at the worst cases.
You know, you need to look at what happens if things are at 8% interest rates. What's that going to mean on a cost to own basis? And if you've got that knowledge, it gives you the freedom and the confidence to be able to run your own race. Good on you, Glenn. Thank you for coming on to the Real Estate Podcast. Enjoy your Friday. Wonderful. Thank you.
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