Chapter 1: What is the main topic discussed in this episode?
It's the Real Estate Podcast brought to you by ANZ Home Loans for financial well-beings. And welcome to another episode of the Real Estate Podcast available on iHeartRadio every morning and on Spotify and Apple and wherever you get your podcasts from. Saturday morning has finally arrived up and down the country. I hope you've had a productive week. If you have, you can put your feet up.
or perhaps the week is about to really go into overtime looking at property or transacting on property this weekend. It is the 17th day for September for 2022. And talking of property, coming up in just a moment, if you're in the market for a half house, we have got the listing for you. And Luke and Leanne are going to join us from Wollongong this morning.
Now, research conducted by realestate.com.au earlier this year showed that 1.6 million Australians are considering selling a property. And their latest seller sentiment survey has found that 28% of them want to list within the next six months. Now, that equates to a lot of active and motivated buyers coming into the market.
And also interestingly, Julia Bentley, the market research and insights manager at REA Group, said that the seller sentiment survey showed that motivations have shifted on the back of rising rates and slipping prices. She said that last year sellers were motivated by strong buyer demand and prices.
This is still a motivating factor for 43% of the vendor market, but increasingly sellers are looking to sell due to personal circumstances. And that is demonstrated, they say, by one in two sellers searching for their next home before selling their current one. And that information coming from realestate.com.au.
It's your weekend real estate breakfast, a serial-sized podcast about what's happening in your local backyard every Saturday morning on The Real Estate Podcast. Hey, if you're celebrating your birthday today, it's good that it falls on a weekend for Saturday, the 17th day of September. Have a fantastic day. I see, unfortunately, it was on this day that Paula Yates passed away.
She had a bit of a tragic story, didn't she? It was on this day back in way back in 2000. I didn't realize it was that long.
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Chapter 2: What is the story behind the half house for sale?
And also on this day, there was a record price paid for a concert. It happened on this day in 1964, and the concert was held by the Beatles. And the record payment for the concert was $150,000. And here's one for you if you are a runner. Not sure if you can match this. In 1939, a man runs 10,000 metres... in less than 30 minutes for the first time in recorded history.
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In Melbourne today, unfortunately, showers developing for your Saturday morning. 15 is your forecast top. Look at that temperature in Brisbane, mostly blue skies and sunshine with 30 degrees. And in Perth today, one or two showers in your high of 20 degrees. We are just as addicted to property as you are. It's the Real Estate Podcast across Australia, seven days a week.
Well, it has been a busy week and the weekend is here. And a quirky little story you might have heard a couple of days ago about a half- house that is up for sale in New South Wales. I think the best thing to do is just to bring in the listing agent, First National Real Estate Wollongong agent, Luke Valesky. And I hope that I pronounced your name right there, Luke. That's correct.
It is pronounced Valesky. Alright, so good to have you on the show. So tell us a little bit about this half house. I know that there's been a lot of comments, a lot of people been saying, well, it's half a house, what happened to the other half? So how did you first come into contact with this? Because it's your listing, how did you pick it up?
So I first came in contact with the executor of the property through my local RSL. I was actually there having a quiet drink with my dad and he approached me and said, hey Luke, can you help me out with selling my uncle's home? And he gave me the address and I was like, no way, I know that house. And he's like, are you sure you know?
I said, I don't think there's a person in Wollongong that doesn't know it, being such an iconic half a home. So tell us a little bit about that because it's a 1950s home.
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Chapter 3: How did the agent come into contact with the half house listing?
As you say, it's an icon in the area. Everybody knows it. Everybody's got a bit of a theory about what's been going on with this house. That's correct. So everyone has had their theory of basically being half a house, it must have been a bad divorce. Hence why there's a meme made about the property on Google Images. And I actually did a bit of digging into the history of it and
Chapter 4: What makes this half house an iconic property in Wollongong?
Was able to dig up the original floor plan from back in the 1950, 1951. Originally, it was to be designed as a three bedroom home with a living dining room, kitchen and access to the rear. But while it was never completed, it is still anyone's guess. The whole speculation of maybe it was a bad divorce or maybe back in the 50s as items were really hard to come by back in those days for the build.
It was just a build as you go type scenario. Yeah, okay. So what's been going on with this property? Like the vendor at the moment, how long has the current vendor who's bringing it to market owned the property? So the owner had originally purchased it back in 1996.
Unfortunately, the owner did pass away in April and the executive of the will has basically appointed myself and the team here at First National in Wollongong as the selling agency. And it's almost hit the moon in ways of media press, the amount of interest on the property and the land itself. Just everyone wants to know about it. Yeah, it sounds like an interesting one.
So the vendor, was the vendor owner-occupier living up until recently? He was, he was. Wow, so 1996 right through until 2022. Can you tell me, I don't know if you've got this on file, it would be interesting to know what the vendor paid back in 1996 for the property. Yeah, so back in 1996, he paid a whopping total amount of $55,000. Wow. 55 grand. Okay. And what do you think is likely?
Where's the price guide on this half house? So based on the land value itself, we'd be looking at going with an auction guide of 500,000 for the sale. Okay, and that's pretty much for the land because I guess somebody could decide to live there. So what's been happening in your area, Wollongong, while we've got you there, what's been happening?
So in the Wollongong area, the market still seems pretty strong. It's had a slight little change, of course, with all these interest rate increases, but we're still seeing a steady flow of properties coming on the market and selling. In some of the areas, we're starting to see it slow down a little bit more than some areas.
Obviously, it's still in the scenario where if someone needs to buy, they're actively out there looking. And if someone needs to sell, they're going to approach an agent and get ready to sell. All right.
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Chapter 5: What is the history of the half house and why was it never completed?
Well, Luke, thank you for coming on to the Real Estate Podcast this morning. Really appreciate it. And good luck with the sale. Thank you. Thank you for having me. And let's bring in Leanne Braley. She is the principal of First National Real Estate there in Wollongong, working alongside Luke. And funny little story here for our listeners this morning. Leanne, how are you doing?
Very well, thank you. How are you? I'm good. So these sort of properties, they don't come up all that often. And as Luke was saying, I mean, you just couldn't buy this sort of media retention, could you? No, not at all. It's been very overwhelming.
We have been contacted by every conceivable medium that you can talk about to the point of even Luke was becoming so highly in demand, they were fighting over who was going to get to talk to him first about it. Yeah, well, that's what happens, you see, when you've got something that people want to talk about, you know, welcome to social media. Luke was saying he remembers this property.
It's part of his, probably part of his childhood, I would say. What about you? You remembered this for some time? Oh, absolutely, yes. It's very much a case of there'd be very few people in Wollongong who wouldn't know about it. There's one that we're selling, the one in Worrawong.
There is another one in Cringilla, which is often laughed about, that it's the half that the wife took from the divorce. And there's actually one other, which is in Mount Kembla. So down here in Wollongong, maybe around that time in the 50s, which is what most of the talk is, seriously has been about is that it's a lack of supply for materials that a few of these homes were built that way.
Wow, yeah, very interesting. And of course, what we've been talking about of recent times is sharing the equity for getting together your mortgage with siblings. We've got a podcast next week with relation to that, but this sort of property wouldn't sort of be much good. Hard to split a house that's already split. Exactly.
Before I let you go, just in terms of first home buyers, how strong is that for your area? Because I would imagine Wollongong would have its fair share.
That particular part of our market, what we're seeing at this point in time is still quite strong and we're noticing that actually in properties that we are bringing to the market that are ranging anywhere from around about that 600 and you know 650 which is the the actual cutoff of a first home but for the full grants up to around about our 700 kind of range we're still seeing quite good movement.
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Chapter 6: What is the current market situation for the half house?
Anything that's under that first home buyer grant of 650, enormous interest in it still And it's great to see that because there is a lot more of our first homeowners in this market now getting an opportunity to purchase with the interest rate rise, changing the dynamics of our investors who would usually be obviously the biggest competition to our first home buyers down here.
All right, good on you, Leanne. Well, I'll let you enjoy your Saturday morning from First National Real Estate. Thank you for coming on to the Real Estate Podcast. My pleasure. Thanks for having us. Have a great weekend. We connect you to the best real estate information across Australia, The Real Estate Podcast.