Chapter 1: What is the main topic discussed in this episode?
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And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning and also on Spotify and Apple and wherever you get your podcast from. Tuesday morning, the 18th day for October is with us for 2022. And here is a question for you this morning. Are you protecting and safeguarding the property, the home that you live in right now?
Because we all get really busy, especially around the time of launching into a new business. And often we don't think about the various ways, the myriad of ways, really, that we can protect the family home. Even me, I'm guilty of it myself when I launched my first business many, many years ago. At that time, I had the property completely and utterly exposed. Have you done it yourself?
And or are you right now thinking, hmm, that sounds a little familiar. I'm that person. I've launched a business recently. And right now, the family home is exposed. So we are going to look at that very question with Sam Saad, who has got some great legal advice for you and me to think about and act on. And it's just...
So, so important because as hard as it is starting a business, it's a whole lot worse if that business fails and the bank swoops in to take you home. Then you're left with no business and no roof over your family. And then you know what the third domino effect is. If you're married, probably divorce. And that is why it's so important to get right.
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Well, yesterday we were talking about the positivity there in Melbourne, but not just in Melbourne. There have been some great prices paid for property above the reserve price. Clearance rates are creeping up.
And then yesterday I see that Domain reported the pressure on sellers to drop their price expectation is taking its toll with new data revealing that Brisbane, Darwin, Perth, Melbourne and Sydney homeowners are starting to discount their asking prices at rates they say not seen since 2019. Domain's data showed that Sydney is feeling it the most today
the average reduction in the asking price of a Sydney house is now at 7.8%. Now that is higher than any other capital city and has been rising steadily since May.
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Chapter 2: How can you protect your home while starting a business?
A discount, now this is how they can do the maths, a discount of 7.8% on the city's median house price of just over $1.5 million would equate to to just over $125,000 off the asking price.
And sellers are also dropping their prices in Brisbane, with the highest spikes in discounting occurring in areas like the inner city and Sherwood, while in Melbourne it's buyers in Stonington East that are most likely to get a discount. That's according to yesterday's domain data. So if you're celebrating your birthday for today, happy birthday. You are sharing it with Jean-Claude Van Damme.
He is turning 61. Zac Efron is turning 35. And Martina Navratilova, she is turning 65 years old today.
We talk with leading property commentators with analysis, predictions, forecasts and what's trending every morning from 6.30. Music It's the main centre forecast with PRD, selling smarter every day.
Let's check on your weather on this Tuesday morning. And in Sydney, good morning to you. One or two showers this morning, expecting a high of 22 degrees. In Melbourne, expecting a mostly fine and sunny Tuesday with 22. In Brisbane, a morning shower or two, expecting 25. And in Perth today, expecting a nice, fine, sunny day and also expecting a top of 25 degrees.
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Well in the current economic climate we are all living in at the moment a lot of people are restructuring their assets to ensure their property is protected from their business and some haven't even given this a single thought but you should really take a look at it.
It is important to look at the issue and even more important is that the work is carried out correctly and depending on whether it's an investment property or residential property there are different tax
tax implications and that is the point so to help break all of this down we've got sam sard who is back he's the partner and owner of clinch long woodbridge lawyers at clw.com.au and good morning sam welcome back to the real estate podcast morning craig thank you for having me back So, yeah, as I mentioned, you know, there are people that haven't really given this that much thought.
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