Chapter 1: What positive trends are emerging in the Sydney real estate market?
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 and also Spotify and Apple Podcasts or wherever you get your podcasts from. It's another weekend. It's arrived. Yes, a day for inspecting properties or perhaps just a day of relaxation. It is the 25th of June for 2022.
Boy, this year is starting to disappear. And in fact, on this day, 2020, Twelve months ago, the World Health Organization told us the COVID-19 Delta variant is the most transmissible virus in the world, present in 85 countries and spreading rapidly. It seems like so much has happened since that piece of news from the WHO was given out. Hey, don't forget about your taxes too.
Easy to forget at this time of the year. Coming up this morning, we're going to be talking very shortly to Fiona, a local Sydney real estate agent, who this time last Saturday had a great result in selling real estate. We will find out all about that. Of course, Katie is here. She's back talking about the wonderful Hunter Valley experience we're giving away.
It also has a secret word again today, and you need seven of these to enter the competition. So we'll talk to Katie in just a moment. But first, let's have a look at weather around Australia. It's the main centre forecast with propertybuyer.com.au. All right, first we go to Sydney where you're expecting a mainly fine and sunny day. 21 degrees is your forecast high.
In Melbourne, good morning to you, expecting a dry day. A little bit of cloud around and 15 degrees. Brisbane, blue skies with 22. And in Perth, expecting a fine, sunny Saturday and your high is 19 degrees. we feature market updates, interviews and trends. It's your real estate podcast for breakfast.
And who doesn't know about the Hunter Valley getaway two-night package that we're giving away to one lucky Breakfast Club member, which could be you. So much is in this indulgent package.
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Chapter 2: How does Rod Point compare to other suburbs in Sydney?
Isn't that right, Katie Lee? Good morning to you. Oh, good morning, Craig. Yes, that's correct. It really is a luxurious getaway in the Hunter Valley. There is so much included in this prize. One lucky winner is going to be very happy and their partner or their best friend or whoever they take with them. Oh, yeah. We talked about brownie points.
This has got to be the ultimate brownie point for somebody taking their partner away or their wife or their husband. All right. So you've got another piece going into the package this morning. Yes, I do. Thanks, Craig. And look, this is all hungry work. Every piece of the prize that we've revealed so far is a lot to see and do in the Hunter Valley.
So today I'm going to be revealing a food component to the prize, which is a dinner for two at Red Salt Restaurant. Red Salt is a two-timed hatted restaurant in the Hunter Valley. They're located at Crowne Plaza, Hunter Valley, which is one of our most exclusive accommodation places to stay. A hatted restaurant is a very prestigious award.
And honestly, some of the best food you can eat can be experienced at Red Salt Restaurant. Wow. It is amazing food. Gee, there's so much food starting to come in. Of course, we were talking to Michelle yesterday with the balloon package. And now, of course, more food coming to the table. It's probably a great way to just overwork that palate of yours. Yeah, absolutely.
And also experience some of the local produce here in the Hunter Valley. So everything at restaurant is made from local produce.
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Chapter 3: What recent property sales bucked market trends?
They only use local operators. They source their food locally. They have a farm gate to plate philosophy and they have a seasonal menu. So everything is the freshest it can be. All right. Thank you, Katie. That prize package is just building every day. Coming up in just a moment, Fiona is here, a local real estate agent from Sydney. Enjoy your morning coffee.
Wake up every morning to the Real Estate Podcast. Well, a few days ago, we were talking with Nicholas, an agent working in the Sydney market, and talked specifically about some of the auctions held last weekend. So here we are, heading into another busy Saturday, another busy weekend around Australia. We talked about the active bidders being extremely active at auctions in Sydney.
So let's bring in a selling agent, Fiona Hallams of Ray White Inner West there in Sydney. Good morning, Fiona. Great to have you on the Real Estate Podcast this morning. Good morning and thanks for having me. Now you're in Rodpoint. You know, I don't know too much about Rodpoint. We should probably talk a little bit about just what makes Rodpoint such a great place to buy property.
Oh, Rod Point, come and visit. It's a beautiful area, only about 8km from the city, CBD, and close to the famous Bay Run. It's only a tiny little suburb between Five Dock, Russell E, Dromoyne, and every year there's only about 10 to 20 properties selling there a year. So it's always been in demand.
No matter what the market, obviously last year it grew around that 40%, but the average going rate each year is about 8% to 10%, but it's just such an exclusive little suburb and it doesn't hurt that it's right near the water either. Yeah, that sounds gorgeous, little spot. Now, here we are talking more upbeat, positive news.
Now, last weekend, let's go back to last Saturday, you sold a property that also bucked the trend. And after your buyer feedback with this campaign on the property, it was sitting around $2 million, but it didn't really end there.
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Chapter 4: How did buyer competition influence the auction results?
So what happened, Fiona? Look, we had such a great turnout. We had about 50 buyers look through in a four-week period, a little bit down from earlier in the year. But because of the position, it was very, very popular. There was a bit of positivity in the market the last couple of weeks. And this property was a Californian bungalow. It had a lovely north-facing backyard.
And as I said earlier, close to the water. So it was in demand from buyers all over Sydney, from out west to the northern beaches. Yeah, and you had seven registered to bid with four buyers competing. Bidding opened at the $2 million mark, and then I believe the parties just took charge in a slow and steady climb. Where did it finish? It finished at $2,656,000, which was an excellent result.
The bidding was quite strong in the beginning, obviously slows down towards the end. But that fear of missing out, yes, it was pushed to that amazing result. Wow. And, you know, we were talking a few days back about active bidders getting stuck into the auction and making themselves look a little bit like bloated FOMOs. Has that surprised you? It did surprise me.
I was sort of curious to see what would happen at auction last weekend because there's been so many changes to the market the last month that fear of missing out, it certainly was one of those auctions. They were worried that they might miss out, so they pushed themselves. Yeah, great. And what about the confidence?
Do you feel like that confidence with the buyers and I guess, you know, vendors is creeping back now into the marketplace? I feel it was last week and moving forward. There's a bit more certainty around interest rates. There's good job security at the moment and people know where they're at. There's no mysterious what's going to happen in the future.
Everybody knows where the interest rates are headed, that they're going to go up. So they're budgeting for that.
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Chapter 5: What factors are driving buyer confidence in the current market?
You know, the property that you sold at 2.6, I think people didn't want to miss out on that Spanish flavour that that house had, eh? Great flavour. It had been in the family since the 1970s, so almost 50 years, and the owner had migrated from Spain, so he put a lovely Spanish flair on it, as you say, and it was beautifully presented as well. So, yes, everyone enjoyed coming through.
And I want to talk about budgets. You know, a lot has been made of people budgeting to make sure that, you know, they're not over committing. But what are you making of people's budgets at this moment in time? As I said, now everyone knows where we're at and how we're going to move forward.
I feel like, yes, everyone's being a bit more careful, but unlike last year when people were just low interest rates, don't care, I'm going to pay the most money I possibly can. Now everyone's a bit more measured and more sensible. It's more predictable now, I feel, moving forward.
And talking about being measured, I believe that when it comes to buffers, you like to have a bit of a conversation with regarding one price and then the buffer price. Tell us a little bit about that conversation. I always have that conversation with buyers.
I think it's important because you'll always have that price or a buyer will always have that price that they'll high-five their mates at the pub. Yes, I bought this property yesterday, but I always say it's really important to have that buffer price as well. The push comes to shove. price because you don't want to wake up the next day and go, I should have had another bid.
I should have had a buffer on that. So we always have that conversation just before auctions and sales so people don't walk away, miss out. And have you got a busy weekend coming up? Busy weekend. We've got plenty of open homes. We have some auctions in rooms this week in our inner west office and yeah, looking forward to the future. All right.
Well, look, thanks so much for joining us on the Real Estate Podcast this morning. And I hope you have a really busy and productive Saturday and Sunday. Thank you so much for having me. All right. Thank you, Fiona.
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Chapter 6: How important is budgeting for buyers in today's real estate environment?
And you thought I'd forgotten about that secret word, but here it is. It is red salt. Write it down because you need seven of those secret words to go into the drawer for that wonderful prize package to the Hunter Valley. We connect you to the best real estate information across Australia. The Real Estate Podcast.