Don’t Stuff Up Your Offer
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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 podcast from. Well, it's another Friday, the 5th of August for 2022. I hope that it went fast this week for you. It went lightning fast for me. No sooner had Monday started, and here we are on a Friday heading into another weekend. Coming up this morning, we are talking with Rich Harvey, who is back, and we're looking at getting the right valuation and then not stuffing up your offer when submitting one. Pretty important stuff. If you're celebrating your birthday today for the 5th of August, happy birthday.
And I see from the history books on this day, Marilyn Monroe. Yes, it was on this day back in 1962 that she died. And also Richard Burton. 1984, same day, and I put Richard Burton in the same category as Oliver Reed. What a great lunch that would be, having the two of them at the same table. Certainly plenty of testosterone. From first home buyers to property investors and everything in between, every morning on The Real Estate Podcast. We are just as addicted to property as you are. Every weekday morning from 6.30. It's the main centre forecast with propertybuyer.com.au. Around Australia, we go to look at your weather. Firstly, we go to Sydney, expecting some sunshine today. 22 degrees is your forecast high.
Melbourne, the rain is back with 15. Brisbane, look at the temperature, 25 degrees and a sunny Friday. And in Perth, one or two showers with 15 degrees. It's the real estate podcast across Australia, seven days a week. Let's Talk Property, a podcast series with Rich Harvey. Well, there are many, many challenging decisions around purchasing a property. And one of the more stressful decisions is determining how much to actually offer on a property, which can cause a lot of anxiety and stress. And let's face it, in real estate, you're investing hundreds of thousands of dollars and even millions of dollars. And if your offer is wrong, it can be painful in so many different ways. And when it comes to determining value and your price offer, there are several options and ways to go about it, but not all of them are reliable.
So to help us work out true value and make the best offer and put your best foot forward, let's bring in Rich Harvey from Buyers Advocate and CEO of propertybuyer.com.au to help you understand the best process. Good morning, Rich. Good morning, Craig. Great to be with you again. Another busy week, of course, and in the middle of it, we've had another rate rise. You're right across that, no doubt. Oh, absolutely. Yeah, well, there's no doubt about the Reserve Bank checking rates up another half percent. I'm one of the 42 specialists that the Finder survey does and predicting what's going to be happening in the interest rate market. And we all, 100% of us said that rates would go up. Some were being even more bullish and saying it was going to go up 0.75, but it went up 0.5 as expected.
And I think from now on, you'll probably see a couple of 0.25% rises until we get to that sort of 2.5% cash rate. And so as we know, there is so much property data available to people to source from. What's your thinking in the space of apps and online automated appraisals that are free services for people to use? Well, like anything in life, if it's free, you've got to ask how valuable is it? And look, I'll cut straight to the chase. I think that those automated appraisals and those things you get on the apps are seriously flawed. And I wouldn't be relying on them to make an offer on a house. So these particular apps, they're based on algorithms. and they use averages, and they're based on machine-based learning, and they see nothing of the property's nuances.
They don't account for renovations or updates or proper comparable sales. And they spit out this figure that can be incredibly inaccurate. Look, they might give you some rough guide, but it's not a true reflection of the property you're looking at.
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