Chapter 1: What historical event occurred regarding the government?
It's The Real Estate Podcast, brought to you by Ray White, the largest real estate and property group in Australasia. Friends, we have made history tonight. CHEERING And tomorrow, together, we begin the work of building a better future. CHEERING I as leader take responsibility for the wins and the losses. That is the burden and that is the responsibility of leadership.
And as a result, I will be handing over the leadership at the next party room meeting to ensure that the party can be taken forward under new leadership, which is the appropriate thing to do. And welcome to Sunday, the 22nd of May for 2022 and a change of government last night.
Chapter 2: How did the recent election impact the Labor Party's position?
As the Labor Party is set to end almost a decade of conservative rule as the government was swept away in the election by opposition, a wave of support for candidates who campaign for more action on climate change and may hold the balance of power.
Partial results showed that while Labor had made small gains, Scott Morrison's coalition party had really been punished by voters in Western Australia and affluent urban seats in particular. Labour has yet to reach the 76 of the 151 lower house seats required to form a government all by itself.
Chapter 3: What are the implications of the election results for climate change action?
But final results could take some time as counting of a record number of postal votes is completed. And with 60% of the vote counted, Labour has 72 seats and Morrison's Coalition 55. Independents and the Greens hold 11 seats. and a further 13 seats remained in doubt.
So it was a busy night around Australia last night, a change of government and a new direction for the next three years coming up with Albanese at the wheel. Coming up in just a moment, we're going to have a look at the Sunday weekend in review. It's the main centre forecast with propertybuyer.com.au. Alright, let's have a look at weather around Australia.
First we go to Sydney, expecting some showers, some wet stuff today with a high of 19 degrees. Melbourne, cloudy but dry with 14. Brisbane expecting also rain today, a high of 21. And in Perth expecting showers with the possibility of a storm and 24 degrees is your expected high. Enjoy your morning coffee. It's your Real Estate Weekend podcast in review.
You're seeing firsthand what is happening at auction time. What did you see last weekend that perhaps surprised you? Did it tell you anything that you didn't already think was happening? Look, at the moment, what we are seeing is that we're still dealing with people who are pre-approved.
So, at the moment, the people who are registering to bid at auctions have already done their sums and financial figures and a lot of them are on the clock. They don't want to have to go through the red tape of reapplying for a mortgage. So, there is still a little bit of urgency out there from the buyers that we're dealing with.
They want to borrow based on the rate that they might have already locked in on their pre-approval. So, Still transactions happening, but the sole prior numbers definitely creeping up as well. And with active bidder numbers down, that is increasing the odds for sure for buyers getting what they want. So, you know, it's a good time, isn't it, to buy?
Look, it really is a narrative that I'm encouraging a lot of my agents to talk to. And that is the fact that the odds are really in the buyer's favors right now. If you look at a hot market, and even if we were to cast our minds back six months ago and look at what was happening in spring of 2021, most registered bidders at auctions were competing with
anywhere from 8 to 12 registered bidders on average per auction. At the moment, you might be a one in three chance.
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Chapter 4: What trends are emerging in the property market post-election?
And so, I think if you are ready to go and you're pre-approved and you like the home, it's a good time to be a bidder. The odds are very much in your favor. Informing you on real estate. It's your real estate weekend podcast in review. I guess off the back of that, what is your thinking around waiting to see if there is any downward movement on prices?
Are you prepared to sort of wait to see if that happens or have you got the mindset of let's just crack into it? It's a very good question. And I'm sort of of two minds. I have pre-approval. So I feel like maybe there's a bit of urgency for me to try to get in. But I am also thinking it's probably best to sit back and wait. The risk averse person in me is saying, just let's see what's going on.
I read an article in the Fin Review that said they're anticipating that it's going to keep rising until next year. So theoretically, I should definitely wait. Yeah, risk averse. That makes it doubly hard, doesn't it? Exactly, which is probably why I'm 34 and still not in the market. Right. Okay. Well, you're making gains.
And as a first home buyer, is it a little bit like someone watching the share price daily to see if the rate rises going up and down? Has it been a little bit like that? I've become a little bit obsessive on domain and real estate, just thinking maybe this next apartment is it.
Maybe I have to just keep looking and checking against the price comparisons to see how they're selling, but it just, it doesn't help. And how long have you been looking and where in Sydney are you hoping to buy? Well, I am fortunate enough to be living in Bondi at the moment and the times of COVID have meant that I've really gotten used to this lifestyle.
I'm hoping to be able to afford just something small in Bondi if possible. It is a micro market here and sometimes the market in Bondi doesn't tend to reflect the rest of property market across Sydney. So I also have to keep that in mind when looking and waiting.
Now you mentioned Bondi, so in Sydney there are many lifestyle buyers, which means that people have certain areas that they want to live in, as opposed to somebody that just wants to get into the market at all costs. So which are you? I'm kind of feeling you might be a bit of a lifestyle one. I am definitely a lifestyle buyer.
I had this fantasy that I could just walk barefoot with my surfboard to the beach. It doesn't leave me with much space. You're painting the picture. Yeah, we're getting to realise what it is that you're after, Elise. And just in terms of the cash rate going up, do you feel more optimistic? I know that you're risk adverse, but is there a bit of optimism? There's definitely optimism.
I feel a little less stressed that the prices are going to jump to a point where I cannot afford anything. But I also am not really sure what to expect because if I can speak from my own observations over the last few years of COVID, watching friends and neighbours expect that the property markets are going to tank and then they just performed in the exact opposite way.
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