Chapter 1: What insights does Haesley Cush provide about the Brisbane 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, available on iHeartRadio and also Spotify and Apple Podcasts or wherever you get your podcast from. It's another Monday. Yes, it's rolled around pretty quick, which means another weekend has come to an end.
It's the second day for May for 2022. And yesterday, as part of Domain's report, we looked at the Brisbane numbers in the marketplace. And this morning we're going to be talking with somebody who's been calling auctions in Brisbane for a very long time. So we'll get his thoughts as to why the Brisbane market is bucking the capital city's slowdown.
And then tomorrow we're going to have the third part to Domain's report, with Nicola Powell. It's the main centre forecast with propertybuyer.com.au. All right, let's have a look at weather around Australia. Firstly, for Sydney, expecting mainly dry conditions today, partly cloudy with a high of 23 degrees. Melbourne, cloudy also, but dry with 21.
Brisbane, also mainly dry with some cloudy bits and 25 degrees.
Chapter 2: How many auctions has Haesley called in the last year?
And in Perth, expecting a mainly sunny day and a high of 24 degrees. We feature market updates, interviews and trends. It's your real estate podcast for breakfast. Well, last night was Boris Boom Boom Becker's second night in prison after Friday's hand-down decision of a two-and-a-half-year jail sentence. I guess the heavies, the muscles inside have already had that discussion of...
payment for protection so I'm sure a windfall for a couple of inmates and how hard is that going to be for somebody like a Becker to adjust his complete life around jail no doubt a book is coming out sometime in 2023 and some good news this morning out of the Ukraine more civilians have been evacuated from the steelworks in Mariupol with at least another 100 people managing to get out
And one woman describing the shelling by the Russians as something she thought would cause her heart to stop as the building shook, covering her in dust every time one of the bombs was dropped on the top of the Steelworks building. And, you know, we worry about meaningless and incoherential things in our life. Mariupol puts back the perspective. across every state, city and town of Australia.
The Real Estate Podcast. Well, the election is getting closer by the day. Housing, of course, is one of the biggest issues any incoming or incumbent government is going to face in 2022. Is enough being done to address the problem of those trying to get into the market? Many are asking.
Chapter 3: What factors are contributing to Brisbane's market growth?
One of the hottest markets in the country as we know is Brisbane. We've talked a lot already about the stampede in growth from the Queensland capital. And joining us this morning is Haisley Cush, who works in the hottest market around the country. And he is very close to the action, having called more than 10,000 auctions. Good morning, Haisley. Good to have you on the Real Estate Podcast.
Morning. Yes, great to be on the show. Thanks for having me. I guess if anybody sees it in real time, you do with the amount of auctions that you are doing. And I'm curious, over the last 12 months, how many auctions have you called? Must be a fair few.
Yeah, I was just doing the quick math on that. We've got four offices in the inner city of Brisbane, and we're probably doing anywhere between 30 and 50 a month. So what's that?
Chapter 4: Why is Brisbane's property market bucking the national trend?
Three to 500 over the last 12 months, which is a really, interesting take right across the Brisbane market on what's been happening. And as you said at the start of the show, Brisbane really bucking the trend.
Yeah, and it seems to be a bit of a mixed bag. We're having a lot of commentators saying that the market is slowing down, not as many active bidders, for example, in Sydney as there were. And then there are people like yourself who are saying it's business as usual. So What do you think is happening in Brisbane to be bucking the trend right now?
I think you've really got to look back over the 10-year trend line. So Sydney and Melbourne has had a really strong, steep year-on-year growth, and Brisbane just didn't have that. We had eight years of a fairly flat line and then two years of a steep climb.
So anyone that's talking about or making comments on the Brisbane market that's only been in it for 18 months, well, I think it'd be fair for them to say that they've noticed, you know, some sort of decline. But for those of us that have been doing it up here for decades and I've got 20 properties going to auction this week before Saturday, and every one of them has multiple registered bidders.
And for Brisbane alone, that's great.
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Chapter 5: What role does migration play in Brisbane's real estate market?
So whether we're at 100% drop back to 98%, the market is still in excellent shape. We've still got multiple bidders on all properties. We haven't seen any change to pricing at this point.
Is it unusual then for, let's say, a Sydney to be slowing down and a Brisbane to still be marching on? I mean, you've been doing this for such a long time. Have you seen that in the past?
Look, it's very rare to see Sydney pull back and Brisbane go ahead. But it's the migration towards Brisbane that's going to help it buck the trend. I heading towards Queensland at the moment and most of them into the southeast corner. Ex-pats returning from overseas and internationals looking at Queensland. And also just the gap in terms of average price.
Brisbane still representing such strength. strong value when compared to Sydney and Melbourne. And that's what's helped holding up pricing.
Chapter 6: How are current economic conditions affecting property prices in Brisbane?
And still, we're only two years into our upward swing. It was flat for so long. A market should run for longer than it's run after the flat line that it had.
You know, I say, is it unusual for a Sydney to be different to a Brisbane market? I guess what we should really factor is the pandemic itself, all of this pent up demand and nothing is really the same. I mean, everything's a little bit weird and it's hardly surprising that perhaps this extends to a Sydney and a Brisbane being different.
It's such an important comment. School holidays for us used to be a no-go zone for the high end. Everyone would not launch their property during school holidays because everyone went away. Well, what we've found with our top tier agents, unfortunately, we do participate quite a lot in that market. We're seeing people coming here on those school holidays.
And we're seeing interstate and international interest on the rise from people that are booking inspections on their way out to the coast or before they hit the airport on the way home. Yeah, we saw over the Easter long weekend, buyers out in force. And again, these auctions this week, we've had buyers in strong numbers at a lot of our high-end properties.
Now, I was picking up on a comment that you made just a couple of days ago talking about the election which is coming up.
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Chapter 7: What are the implications of the upcoming election on the property market?
And you said that you've seen a lot of parties pretty much all sort of mashed with their messaging. And you said that they seem more focused on winning and holding power. than doing anything to risk it. So I was just curious from the real estate perspective, what sort of things would you be hoping or liking to see one of these parties do with the run up to the election?
Once you're a homeowner and you own a property, you want prices to hold or grow. And until you buy your first property, I suppose you want them to come down to an affordable range for you. What I'd like to see is a government that looks after the people that own the properties, does help the people get into the properties.
I mean, I don't think either party at the moment is doing anything that's saying that if anyone buys property, they're going to put them in a worse position and bring prices down. Look, I think they've got a very good, difficult job on there. And when they've got an active audience of Australians that like to buy property, that's going to push prices up.
And we're dealing with a market at the moment that wants to be able to get in. So look, I don't have the answer probably is my muddled response, but I don't see that they're going to do anything that's going to dampen this market in anything that I've seen.
Yeah, well, it's political posturing because, as you say, a huge part of the vote is coming from property owners. Now, before I let you go, I've got to ask you, you've done all these auctions in the last 12 months.
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Chapter 8: What unusual experiences has Haesley encountered during auctions?
Can you go into your mind and recall something that was a little bit weird, a little bit bizarre that somebody did at an auction that you can share?
Wow. I mean, in the last 18 months, nearly every auction ended up being weird and bizarre. The thing that comes to the front of my mind is not one auction in particular. It's the day that at five in the afternoon or four in the afternoon when we were scheduled to do auctions at the Calile Hotel in Brisbane. We got a four-hour warning from the Premier that no one was going to be allowed outside.
So we had to change all of those auctions from the hotel to my bedroom, set up webcams, and I had to call those auctions from home. And every one of those registered parties stayed on. The property is still sold with great steam, and we've seen that in the market.
And the story of that night that just blew my mind is not only did you have every buyer hang in there, one of the buyers who missed out stayed online long enough to buy another one, sight unseen, later in the order of sale. It was a wonderful display from the team of that resilience and adaptability in trying times.
Hey, great to chat. Thank you so much for coming on to the Real Estate Podcast. We'll talk again soon. Sounds good. Thanks for having me. We connect you to the best real estate information across Australia. The Real Estate Podcast.
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